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NFE awaits approval to transfer UTE Portocem contract for thermoelectric parks connected to LNG terminals in Barcarena and TGS.
The company New Fortress Energy (NFE) reached an agreement to acquire the obligations and revenues of 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 . This transaction is an important step for NFE in its commitment to expand its operations and strengthen its portfolio of assets in the energy sector.
Expansion of the New Fortress Energy Project in Brazil
The NFE hopes that the transaction be completed in March 2024, with the cash flows of the project scheduled to begin in July 2026 at the latest.
New Thermoelectric Power Assets Connected to LNG Terminals
The company's idea is to transfer the contract to the thermoelectric energy assets connected to the LNG that the company has in Brazil: Barcarena, in Pará, and Terminal Gas Sul (TGS), in Santa Catarina. Both must enter Operação until the beginning of 2024.
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Expanding New Fortress Energy’s Presence in Brazil
"We are extremely pleased to expand our business in Brazil and 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.
Investment in UTE Portocem by Ceiba Energy
With a 1,6 GW project, UTE Portocem is an investment by Ceiba Energy, worth approximately R$4,7 billion, which is currently under construction in the Ceará Export Processing Zone (ZPE Ceará), at the Pecém Industrial and Port Complex (CIPP).
New Fortress Energy Expansion Strategy
NFE's strategy is to expand its energy complex in 1,2 GW, in Barcarena, in 2026, while the remaining 0,4 GW will be allocated to power generation assets connected to the TGS.
NFE's original 630 MW development at Barcarena remains on schedule for Q2025 XNUMX.
Shareholder Value and Vertical Integration
By utilizing its existing asset base, the company hopes to reduce costs and generate incremental revenue and gains at its terminals.
'With the acquisition do PPA Portocem, we added a contracted asset of Long term which is highly complementary to our presence in Brazil. This aligns with our vertical integration strategy and optimization of our assets in an effort to generate long-term shareholder value,” said Andrew Dete, Managing Director of New Fortress Energy.
Solution to Natural Gas Supply Limitations
The TGS terminal hopes to remedy some of the limitations in the region's natural gas supply, which includes more than 3 GW from industrial and power generation customers.
Source: EPBR
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