XML 43 R10.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Tax Equity Financings | 9 Months Ended
--- | ---
Jul. 31, 2024
Tax Equity Financings |
Tax Equity Financings | Note 3. Tax Equity Financings ​ Derby Tax Equity Financing Transaction Since the Derby Projects became operational during the first quarter of fiscal year 2024, we have begun to allocate profits and losses to noncontrolling interests under the hypothetical liquidation at book value ("HLBV") method. For the three and nine months ended July 31, 2024, the net loss attributable to noncontrolling interests totaled $(1.8) million and $(28.6) million, respectively. There were no amounts allocated to noncontrolling interest for the three and nine months ended July 31, 2023 for Derby Fuel Cell Holdco, LLC (the partnership that acquired the equity interests in the project company that owns the Derby Projects) because the Derby Projects were not yet operational at that time. As such, the Company had not yet allocated profits or losses to the noncontrolling interest under the HLBV method. During the three and nine months ended July 31, 2024, the Company made priority return distributions to Franklin Park of $0.3 million and $0.7 million, respectively. Groton Tax Equity Financing Transaction ​ The Company closed on a tax equity financing transaction in August 2021 with East West Bank for the 7.4 MW fuel cell project (the “Groton Project”) located on the U.S. Navy Submarine Base in Groton, CT. East West Bank’s tax equity commitment totaled $15.0 million. ​ During each of the three and nine month periods ended July 31, 2024, the Company made priority return distributions to East West Bank of $0.1 million. There were no priority return distributions in the three and nine months ended July 31, 2023. For the three and nine months ended July 31, 2024, the net loss attributable to noncontrolling interests for Groton Station FuelCell Holdco, LLC (the partnership that acquired the equity interests in the project company that owns the Groton Project) totaled $(0.2) million and $(3.5) million, respectively. For the three and nine months ended July 31, 2023, the net income (loss) attributable to noncontrolling interests totaled $0.1 million and $(2.8) million, respectively. ​ Yaphank Tax Equity Financing Transaction ​ The Company closed on a tax equity financing transaction in November 2021 with Renewable Energy Investors, LLC (“REI”), a subsidiary of Franklin Park Infrastructure, LLC, for the 7.4 MW fuel cell project (the “LIPA Yaphank Project”) located in Yaphank Long Island. REI’s tax equity commitment totaled $12.4 million. ​ During the three months ended July 31, 2024 and 2023, the Company made priority return distributions to REI of $0.1 million and $0.2 million, respectively. During each of the nine month periods ended July 31, 2024 and 2023, the Company made priority return distributions to REI of $0.4 million. For the three months ended July 31, 2024 and 2023, net (loss) income attributable to noncontrolling interest for YTBFC Holdco, LLC (the partnership that acquired the equity interests in the project company that owns the LIPA Yaphank Project) totaled $(0.4) million and $0.6 million, respectively. For the nine months ended July 31, 2024 and 2023, net (loss) income attributable to noncontrolling interest for YTBFC Holdco, LLC totaled $(0.5) million and $1.4 million, respectively.

X
- Definition The entire disclosure for information about tax equity financing. + References No definition available. + Details
Name: | fcel_TaxEquityFinancingDisclosureTextBlock
Namespace Prefix: | fcel_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition No definition available + References No definition available. + Details
Name: | fcel_TaxEquityFinancingsAndInvestmentTaxCreditSaleAbstract
Namespace Prefix: | fcel_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration