Press release
New Fortress Energy Completes Previously Announced Acquisition and Transfer of 1.6 GW, 15-year Contracted Power Asset in Brazil
NEW YORK--(BUSINESS WIRE)-- New Fortress Energy Inc. (NASDAQ: NFE) (the “Company”) has completed the previously announced acquisition and transfer of a 1.6
About this update from New Fortress Energy Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nNew Fortress Energy Inc. (NASDAQ: NFE) (the “Company”) has completed the previously announced acquisition and transfer of a 1.6 GW Capacity Reserve Contract (“PortoCem PPA” or “PPA”) from Ceiba Energy, a portfolio company of Denham Capital, in exchange for newly issued NFE redeemable Series A Convertible Preferred Stock and the assumption of certain liabilities from a subsidiary of Ceiba Energy.\n\n\nConstruction activities for the 1.6 GW power plant have commenced at NFE’s site adjacent to our existing LNG terminal located in Barcarena, Brazil. Commercial operations are expected to begin no later than August 2026, resulting in more than $280 million of annual fixed capacity payments under the PPA’s 15-year contract term.\n\n\n“Completing this transaction means we now have over 2.2 GW of contracted power at Barcarena that will reach COD in 2025 and 2026, in addition to our existing 15-year gas sales agreement with Norsk Hydro. This transaction represents the value of our operational LNG terminals in Brazil and we appreciate the partnership with Denham Capital to move quickly to transfer this PPA and begin construction,” said Andrew Dete, Managing Director of New Fortress Energy.\n\n\nFor additional information on the acquisition, please reference the press release issued on December 27, 2023 on our investor relations website at https://ir.newfortressenergy.com/investor-relations.\n\n\nAbout New Fortress Energy Inc.\n\n\nNew Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.\n\n\nCautionary Language Regarding Forward-Looking Statements\n\n\nThis communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate...