State Agency OKs Funding Plan for CT Studios

By Kaitlin Glanzer

Connecticut Studios took a major step forward recently when a major hurdle toward funding the project was cleared.

According to Town Manager Matthew Galligan, the state Department of Energy and Environmental Protection posted a draft decision, approving the project’s power purchase agreement with Connecticut Light and Power.

The decision okays the deal, in which CT Studios will sell power from a 5-megawatt fuel cell back to the power grid, in order to finance the public infrastructure for the project.

The Town Council last week voted to again extend the reverter clause until a funding deal could be closed. That deal was scheduled to take place in mid-September but got pushed back, in part waiting for word on the power purchase agreement.

Now that the financing mechanism has been cleared, the project can move forward, Galligan said.

It’s good news for the entire development team,” Galligan said. “We know that was an integral part of this project and it’s moving in the right direction.”