New Fortress Announces Acquisition of 1.6 GW Under Portocem Thermal Power Plant Contract

Written by Paulo Nogueira

Published on 29/12/2023 at 00:05

Terminal de regaseificação de GNL do Pecém (Foto: Divulgação Petrobras) – Todos os direitos: EPBR

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NFE Transfers Contract From Portocem Power Plant To Thermoelectric Plants Connected To The GNL Terminals In Barcarena And TGS.

Barcarena has finalized a deal to acquire the obligations and revenue from the 1.6 GW capacity reserve contract of the Portocem Thermal Power Plant (UTE Portocem), a subsidiary of Ceiba Energy, in exchange for convertible preferred shares of NFE.

The acquisition agreement, lasting fifteen years, involves a 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. The conclusion of the negotiation is subject to approval by the regulatory agency.

New Fortress Acquires More Thermoelectric Power Assets In Brazil

New Fortress Energy (NFE) is expanding its business in Brazil with the acquisition of the Portocem PPA, an investment by Ceiba Energy valued at approximately R$ 4.7 billion. The transaction is expected to be completed in March 2024, and the cash flows from the project should commence by July 2026.

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The thermoelectric power assets connected to NFE’s Liquefied Natural Gas (GNL) terminals, located in Barcarena, Pará, and Terminal Gas Sul (TGS) in Santa Catarina, are expected to go into operation by early 2024. With a 1.6 GW project, UTE Portocem is a significant milestone in this expansion process of NFE 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 TGS. The original development of 630 MW by NFE in Barcarena is on schedule, with projections for the third quarter of 2025.

‘We are extremely pleased to solidify NFE as a leading provider of clean and reliable energy for one of the fastest-growing economies in the world’, said Wes Edens, President and CEO of New Fortress Energy.

The acquisition of the Portocem PPA aligns with NFE’s vertical integration strategy, which aims to optimize assets and reduce costs to create long-term value. ‘With the addition of this long-term contracted asset, we expect to achieve incremental yield and gains at our terminals’, stated Andrew Dete, General Manager of New Fortress Energy.

The TGS terminal will play a crucial role in overcoming limitations in the natural gas supply for the region, meeting a demand that includes more than 3 GW of industrial and power generation customers. NFE continues its expansion and consolidation journey in the Brazilian energy market, demonstrating its commitment to contributing to the development of the country’s energy sector.

Source: EPBR

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New Fortress Announces Acquisition of 1.6 GW Under Portocem Thermal Power Plant Contract

NFE Transfers Contract From Portocem Power Plant To Thermoelectric Plants Connected To The GNL Terminals In Barcarena And TGS.

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New Fortress Announces Acquisition of 1.6 GW Under Portocem Thermal Power Plant Contract

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