Plug Power obtains $25 million 36-month senior loan via NY Green Bank

By Tali Rackner

Norfolk, Va., Dec. 23 – Plug Power Inc. closed on a $25 million 36-month senior loan with NY Green Bank, according to a press release.

Interest accrues at about 11% per annum.

The loan provides the company with increased liquidity and flexibility and does not require minimum cash balances as was the case with its prior senior loan facility.

The loan leverages Plug Power’s existing restricted cash and will be repaid as that cash is released.

Proceeds will be used for the deployment of additional hydrogen and fuel cell systems, including within the state of New York, the release said. The facility also supports the company’s growth, facilitating the creation of additional high-tech green jobs within the state.

Plug Power, based in Latham, N.Y., develops and commercializes fuel cell systems used in the telecommunications, utilities and power supply sectors.

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