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NFE Seeks to Transfer Contract from UTE Portocem to Thermoelectric Plants Connected to GNL Terminals and ZPE Ceará, Aiming for Capacity Reservation and Cash Flow Optimization.
The company New Fortress Energy (NFE) has closed a deal to acquire the responsibilities and revenue of the 1.6 GW capacity reservation contract of the Portocem Thermoelectric Power Plant (UTE Portocem), which belongs to Ceiba Energy. In return, NFE offers convertible preferred shares.
The fifteen-year contract implies an annual payment of US$ 280 million to NFE, being due from UTE Portocem in the 1st Capacity Reserve Auction held in 2021 by Aneel. The completion of the transaction depends on the approval of the regulatory agency.
New Fortress Acquires 1.6 GW in Contract from UTE Portocem
NFE is forecasting the completion of the transaction by March 2024, with the expectation to initiate cash flows from the project by July 2026 at the latest. The company intends to transfer the contract to thermoelectric assets connected to the GNL terminals it has in Brazil: Barcarena, in Pará, and Terminal Gas Sul (TGS), in Santa Catarina. Both are scheduled to begin operation by early 2024.
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NFE and Portocem Thermoelectric Power Plant
Wes Edens, President and CEO of New Fortress Energy, expressed his satisfaction with the expansion of business in Brazil, consolidating NFE as a leading provider of clean and reliable energy for one of the fastest-growing economies in the world. The investment of R$ 4.7 billion in UTE Portocem, a 1.6 GW project by Ceiba Energy under construction in the Ceará Export Processing Zone (ZPE Ceará), at the Pecém Industrial and Port Complex (CIPP), represents a strategy to expand the energy complex in Barcarena and allocate 0.4 GW to energy generation assets connected to TGS.
Agreement, Capacity Reservation, and Operation
New Fortress Energy is committed to maintaining the original development of 630 MW in Barcarena on schedule for the third quarter of 2025. The acquisition of the Portocem PPA represents the addition of a long-term contracted asset that will complement NFE’s presence in Brazil, aligning with its vertical integration strategy and asset optimization in search of long-term shareholder value. The expectation is to reduce costs and generate additional revenues at the terminals through the use of the existing asset base.
Thermoelectric Energy, GNL Terminals, and Aneel
The TGS terminal is a key piece in addressing the limitations in natural gas supply, serving over 3 GW of industrial and power generation customers. NFE is preparing to expand its business in Brazil and solidify its position as a leader in providing clean and reliable energy. The regulatory agency Aneel has been closely monitoring NFE’s movements and the expansion of its operations in the country, ensuring compliance with local regulations and securing energy supply under a new promising contract.
Source: EPBR
