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NFE transfers UTE Portocem contract for thermoelectric parks connected to the Barcarena and TGS LNG terminals.
A barcarena closed a deal to acquire the obligations and revenue of the 1,6 GW capacity reserve contract of the Portocem Thermal Power Plant (UTE Portocem), a subsidiary of Ceiba Energy, in exchange for preferred shares NFE convertibles.
The acquisition agreement, lasting fifteen years, involves the payment of US$280 million per year to NFE and was won by UTE Portocem in the 1st Power Capacity Reserve Auction, held in 2021 by Aneel. Completion of the negotiation is subject to regulatory agency approval.
New Fortress acquires more thermoelectric power assets in Brazil
New Fortress Energy (NFE) is expanding its business in Brazil with the acquisition of PPA Portocem, an investment from Ceiba Energy worth approximately R$4,7 billion. The transaction is expected to close in March 2024, and the cash flows of the project should begin by July 2026.
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Thermoelectric power assets connected to NFE's Liquefied Natural Gas (LNG) terminals, located in Barcarena, in Pará, and Terminal Gas Sul (TGS), in Santa Catarina, will come into operation. Operação until the beginning of 2024. With a 1,6 GW project, UTE Portocem is an important milestone in this NFE expansion process in Brazil.
NFE's plan includes expanding the power complex by 1,2 GW in Barcarena by 2026, while the remaining 0,4 GW will be allocated to power generation assets connected to the TGS. NFE's original 630 MW development in Barcarena is within the schedule, scheduled for the third quarter of 2025.
“We are extremely pleased to establish NFE as a leading provider of clean, reliable energy for one of the world's fastest-growing economies,” said Wes Edens, president and CEO of New Fortress Energy.
The acquisition of PPA Portocem is aligned with NFE's vertical integration strategy, which aims to optimize assets and reduce costs to generate value in the long term. ‘With the addition of this long-duration contracted asset, we expect to achieve incremental yield and gains at our terminals,’ said Andrew Dete, managing director of New Fortress Energy.
The TGS terminal will play a crucial role in overcoming the region's natural gas supply constraints, meeting demand that includes more than 3 GW from industrial and power generation customers. NFE continues its path of expansion and consolidation in the Brazilian energy market, demonstrating its commitment to contributing to the development of the country's energy sector.
Source: EPBR
