FuelCell Energy completed a new, eight-year $200 million strategic corporate loan facility with Orion Energy Partners.

The company is planning to leverage the initial October/November 2019 draws totaling $80 million to primarily support execution of certain projects within the company’s $2 billion project backlog.

The balance, or $120 million, will be available over the first 18 months to invest in strategic growth, providing working capital as needed.

“We are pleased to close the new Facility with Orion Energy Partners. This successful transaction underscores the confidence Orion Energy Partners has in FuelCell based on its deep understanding of our business and our strategy, as well as the importance of the role our proprietary fuel cell technology plays in delivering a clean energy future,” noted Jason Few, President and chief executive officer of FuelCell Energy.

The second tranche and remaining $120 million in financing is subject to the conditions contained in the agreement.

FuelCell Energy is a global fuel cell power company.