Plug Power closed on a $30 million senior secured loan facility with Generate Lending, a specialty finance company that has experience financing assets in the energy and related industries.

The proceeds will be used for general corporate and working capital purposes, including helping to finance lease transactions for certain customers. The funding will support growth in 2016 and beyond in helping Plug Power accelerate customer adoption of its hydrogen and fuel cell solutions.

“Plug Power’s work with its financing partners will yield greater economics and more robust capital solutions in 2016 and beyond for Plug Power and its customers,” said Andy Marsh, CEO of Plug Power.

According to an 8-K filing, advances under the term loan facility bear interest at the rate of 12% per annum, subject to compliance with financial covenants and other conditions. The loan agreement includes covenants, limitations and events of default customary for similar facilities, including a minimum cash and cash equivalents covenant and a minimum working capital covenant. Upon the occurrence and continuance of an event of default, the amounts advanced under the term loan facility bear interest at a default rate of 14% per annum. The term of the loan agreement is one year, ending March 2, 2017.