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

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