DV VNB Community Renewables Fund III, LLC is pleased to announce the $8 million financing of two Doosan Fuel Cells at California State University San Marcos (CSU) in San Diego, California. The innovative fuel cell project financing, an emerging renewable energy asset class, was made possible through a captive investment fund, managed by DV Funding VI, LLC, utilizing $3 million in Investment Tax Credit equity, debt financing, and California State PUC’s Self Generation Incentives.

Biofuels Energy, LLC, project developer, is utilizing two PureCell® Model 400 fuel cells capable of producing 880 kW or 7,700 MWh annually of baseload 24/7 power, for the University. Additionally, the thermal by-product of the fuel cells will be used to drive a 90-ton-chiller to provide cooling.

“Cost-effective, high-performance clean heat and power (CHP) fuel cell systems have the ability to efficiently generate electrical power without pollution. We are extremely excited to be part of the advancing movement in clean energy development and finance. The California State University fuel cell project exemplifies effectively bringing together a combination of diverse transaction partners to successfully finance unique renewable energy projects,” says Joel Superfon, Director of Investment Management & Advisory Services at Dudley Ventures.

Dudley Ventures, through its affiliate DV Renewable Financing, LLC, provided structuring, advisory services and closing execution, and will provide ongoing financial and compliance reporting through the duration of the investment.

BioFuels Energy, LLC was established in 2007 and has a proven track record in the renewable energy, electric utility, and competitive power and energy efficiency industries. The BioFuels team has knowledge in all aspects of power generation and cogeneration technologies using a wide range of fuels, including landfill gas, natural gas, digester gas, and biomass.

BioFuels Energy utilized George K. Baum & Company’s Renewable Energy & Energy Infrastructure Group to secure the debt financing, provided by Colorado Business Bank.