KBRA Releases Research – Fuel Cells as a Behind-the-Meter Power Solution: Project Finance Credit Considerations
KBRA Releases Research – Fuel Cells as a Behind-the-Meter Power Solution: Project Finance Credit Considerations
KBRA releases a report examining the credit considerations associated with fuel cells as a behind-the-meter power solution for data centers. The report discusses the potential benefits of fuel cell systems, including modular deployment, continuous on-site generation, and potentially faster installation relative to major grid upgrades, while focusing on the risks relevant to project finance transactions.
Key considerations include system-level reliability, technology track record and performance at the proposed scale, operations and maintenance requirements, fuel supply reliability, equipment and service-provider dependency, OEM financial strength and replaceability, life cycle maintenance and component replacement, and the contractual protections available to mitigate these risks.
KBRA explains that while fuel cells may provide an alternative path to power for data centers facing constrained grid capacity and extended interconnection timelines, their credit profile ultimately depends on the reliability of the broader power architecture and the ability to manage technology, operating, fuel supply, and counterparty dependencies over the life of the financing.
Click here to view the report.
About KBRA
KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.
Doc ID: 1017188
Antonio Larrea, Director
+1 646-731-2340
antonio.larrea@kbra.com
Adeeti Amin, Managing Director
+1 646-731-2332
adeeti.amin@kbra.com
Andrew Giudici, Global Head of Corporate, Project, and Infrastructure Finance
+1 646-731-2372
andrew.giudici@kbra.com
Media Contact
Adam Tempkin, Senior Director of Communications
+1 646-731-1347
adam.tempkin@kbra.com
Business Development Contact
Mark Lazarus, Senior Director
+1 312-680-4177
mark.lazarus@kbra.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20260924773384/en/
The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar.
Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees.
Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
Popular
3 Stocks to Sell and 3 Stocks to Buy for October
The 10 Best Companies to Invest in Now
14 Elite Funds and ETFs, and 5 Popular Funds That Just Missed the Mark
3 Stocks to Invest In With More Room to Run
United States