Energi, People’s United Insurance Agency, Hannover Re Create Innovative Insurance Solution to Back Largest Fuel Cell Project

  Energi, People’s United Insurance Agency, Hannover Re Create Innovative
  Insurance Solution to Back Largest Fuel Cell Project in the USA

Connecticut project’s output performance guarantee paves way for more
distributed power generation

Business Wire

PEABODY, Mass. -- January 3, 2013

Energi, a leading developer and underwriter of energy insurance products;
People’s United Insurance Agency; and Hannover Re, announced that they have
finalized coverage for the Bridgeport Fuel Cell project located in
Connecticut, which will soon be the largest fuel cell park in the USA.

Developed and manufactured by FuelCell Energy, Inc. (NASDAQ: FCEL) and owned
by Dominion (NYSE: D), the 14.84 megawatt (MW) project has been in development
for six years and is slated to start producing electricity in December 2013.
“This is the largest project that we have developed to date in the USA,
working with three utilities, local, and state government to enhance the
reliability of the electric grid with clean distributed power generation,”
said Chip Bottone, President and Chief Executive Officer of FuelCell Energy,
Inc.

Energi, along with their partner Hannover Re (HRE), specifically developed the
Output Performance Warranty (OPW) Program that will provide coverage of the
system’s production for the Bridgeport project. “We designed the OPW program
for stakeholders like FuelCell Energy and Dominion Power in order to provide
critical protection for the expected output of the system design,” said Kevin
Kaminski, Senior Vice President of Energi, Inc. “As we see more demand for
large-scale distributed energy generation like this one, we envision a huge
need for proper risk mitigation, which can help facilitate and unlock the
project capital that is essential for the continued growth and success of the
renewable and energy efficiency industries.”

Bryan Garcia, President of the Connecticut Clean Energy Finance and Investment
Authority (CEFIA), reflected on the application of the OPW Program on this
project. “As Connecticut’s Clean Energy Finance and Investment Authority,
focused on attracting private investment in clean energy deployment, the use
of this innovative warranty insurance product for the Bridgeport Fuel Cell
Park reduces technology performance risk over the life of the project and thus
enables CEFIA to provide longer-term and lower-cost capital support.”

“The Output Performance Warranty Program helps to convey the confidence that
we have in our ultra-clean fuel cell power plants and their ability to provide
power in a cost-effective manner for years to come,” said Michael Bishop,
Chief Financial Officer, FuelCell Energy, Inc. “The Energi team analyzed the
technology and performance history of our fuel cell power plants in a very
detailed fashion before granting this coverage so we are pleased to have this
independent review of our products and welcome the opportunity to be working
with Energi and Hannover Re.”

Energi and Hannover Re have jointly developed a series of warranty programs
aimed to support the growth of the alternative energy and energy efficiency
industries through risk mitigation and are designed to backstop performance
contracts and warranties offered by solar and electrical contractors, as well
as manufacturers of energy-related equipment. The OPW Program utilized in the
Bridgeport Project will cover shortfall payments that are the result of
design, installation or performance shortfalls that impact the power output of
the Fuel Cell park. Coverage is written through the International Insurance
Company of Hannover Limited, AM Best “A+” rated and an operating insurance
company of Hannover Re.

Energi Programs are offered directly or through a select network of
independent insurance agents and brokers, and are available in all 50 states.
Energi worked in conjunction with independent insurance agents People’s United
Insurance Agency, a division of People’s United Bank. “The renewable energy
team at People’s United Insurance is very excited about this and other
projects of this nature throughout Connecticut and our Northeast footprint,”
said Dan Casey, President and Chief Executive Officer at the People’s United
Insurance Agency in Hartford, Connecticut.

About Energi

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 and energy construction. 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.

About People’s United

People's United Bank is a subsidiary of People's United Financial, Inc., a
diversified financial services company with $29 billion in assets. People’s
United Bank, founded in 1842, is a premier, community-based, regional bank in
the Northeast offering commercial and retail banking, as well as wealth
management services through a network of 418 retail locations in Connecticut,
New York, Massachusetts, Vermont, New Hampshire and Maine.

Contact:

Antenna Group
David Okubo, 415-977-1943
energi@antennagroup.com
or
Energi, Inc
Edward Scott, 1-978-531-1822 x 318
escott@energi.com
 
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