"The Bridgeport fuel cell plant represents a powerful synergy of private development and public incentives, and the continued maturation of emerging energy technologies"
PEABODY, Mass.--Energi, a leading developer and underwriter of energy insurance programs, participated in the groundbreaking ceremony for the Dominion Bridgeport Fuel Cell Project. Officials and executives were on hand at the project site in Bridgeport, CT to commemorate the start of work for the multi-megawatt fuel cell park, which will be the largest in the United States upon completion.
President and CEO Brian McCarthy and senior vice president of Alternative Energy Solutions Kevin Kaminski were among the Energi representatives in attendance, joining Connecticut Governor Dannel P. Malloy, Connecticut state congressional leaders, and senior executives from Dominion and FuelCell Energy as well as Kevin Foster and Bruce Murray from People's United Insurance Agency.
"The Bridgeport fuel cell plant represents a powerful synergy of private development and public incentives, and the continued maturation of emerging energy technologies," said Brian McCarthy, Energi CEO. "As these technologies continue to stabilize, the gap between investors' appetites and risk continues to narrow. Products like the Output Performance Warranty help reduce technology performance risk over the life of the facility and drive investment."
Energi, along with its partner Hannover Re (HRE), specifically developed the Output Performance Warranty (OPW) Program that will provide coverage of the system's annual megawatt—hours (MWh) production. The warranty coverage provides risk mitigation for both the owner and manufacturer.
"The renewable energy team at People's United Insurance is very pleased to have the opportunity to support the Dominion Bridgeport Fuel Cell project," said Dan Casey, President, People's United Insurance Agency. "In addition to bringing exciting emerging technology to Bridgeport, the new fuel cell plant is promising for the positive impact it can have on both cleaner air and job creation in the state."
Developed and manufactured by FuelCell Energy, Inc. (NASDAQ: FCEL) and owned by Dominion (NYSE: D), the 14.9 megawatt (MW) project is a landmark installation and the largest in the United States. The installation, consisting of five DFC3000 fuel cell power plants and an organic rankine cycle turbine is highly efficient and can power approximately 15,000 homes.
"FuelCell Energy has a sizeable and rapidly expanding installed base and extensive operating history of fuel cell power plants. The Energi underwriting was an important aspect of the performance insurance for this installation," said Chip Bottone, President and Chief Executive Officer of FuelCell Energy, Inc. "We see a trend to larger installations such as the Bridgeport fuel cell park, and performance warranty insurance can be a useful product for Project Owners and Investors of these multi-megawatt sites."
Construction has begun on the park with the first plant installation to be completed in the summer of 2013 and the remaining plants installed in stages. The fuel cell park will be fully operational by the end of 2013. The fuel cell power plants will use natural gas as the fuel source to efficiently provide ultra-clean power for the electric grid.
Energi is a Peabody, Massachusetts-based industrial reinsurance company that provides specialized insurance and risk management products to targeted market segments of the North American energy industry. The core programs include fuel distribution, fuel transport, energy construction, agricultural cooperatives, renewable energy, utilities and oil & gas exploration. Energi also has products that deliver protections for alternative energy and energy efficiency projects. Founded in 2005 by insurance professionals and energy industry leaders, Energi is licensed in all 50 states. For more information, visit www.energi.com.