New Fortress Energy Finalizes Acquisition Agreement for 1.6 GW of UTE Portocem

Written by Paulo Nogueira

Published on 28/12/2023 at 21:17

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

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NFE Will Transfer Contract from UTE Portocem to Thermoelectric Plants Connected to the GNL Terminals of Barcarena and TGS, Enabling the First Commercial Operation of Thermoelectric Energy.

The renewable energy company, New Fortress Energy (NFE), has finalized an agreement to acquire the obligations and revenue from the 1.6 GW capacity reserve contract of the Portocem Thermoelectric Plant (UTE Portocem), a subsidiary of Ceiba Energy. In return, NFE will deliver convertible preferred shares.

The agreement spans fifteen years and includes an annual payment of US$ 280 million to New Fortress Energy (NFE), having been secured by UTE Portocem in the 1st Power Capacity Reserve Auction conducted by Aneel in 2021. The transaction is subject to regulatory agency approval before it is finalized.

Acquisition of Capacity Reserve Agreement by New Fortress Energy

New Fortress Energy (NFE) is awaiting the completion of the transaction until March 2024, with project cash flows scheduled to begin in July 2026 at the latest.

ARTICLE CONTINUES BELOW

Expansion of New Fortress Energy in Brazil

‘We are extremely pleased to expand our operations in Brazil and solidify NFE’s position as a leading provider of clean and reliable energy for one of the fastest-growing economies in the world’, said Wes Edens, the company’s chairman and CEO.

With a project of 1.6 GW, UTE Portocem represents an investment from Ceiba Energy of approximately R$ 4.7 billion, currently in the construction phase in the Ceará Export Processing Zone (ZPE Ceará), in the Pecém Industrial and Port Complex (CIPP).

Strategic Planning of New Fortress Energy

NFE’s strategy is to expand its energy complex to 1.2 GW in Barcarena by 2026, with the remaining 0.4 GW allocated to energy generation assets connected to TGS. The original NFE development of 630 MW in Barcarena remains on schedule for the third quarter of 2025.

The company expects to reduce costs and generate revenue and incremental gains at its terminals by utilizing its existing asset base.

Impact of the Acquisition of the Portocem PPA by New Fortress Energy

‘With the acquisition of the Portocem PPA, we add a long-term contracted asset that is highly complementary to our presence in Brazil. This aligns with our strategy for vertical integration and optimization of our assets in an effort to create value for shareholders in the long term’, said Andrew Dete, general director of NFE.

The TGS terminal aims to address part of the limitations in the natural gas supply in the region, which includes over 3 GW of industrial and power generation customers.

Source: EPBR

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New Fortress Energy Finalizes Acquisition Agreement for 1.6 GW of UTE Portocem

NFE Will Transfer Contract from UTE Portocem to Thermoelectric Plants Connected to the GNL Terminals of Barcarena and TGS, Enabling the First Commercial Operation of Thermoelectric Energy.

Acquisition of Capacity Reserve Agreement by New Fortress Energy

Expansion of New Fortress Energy in Brazil

Strategic Planning of New Fortress Energy

Impact of the Acquisition of the Portocem PPA by New Fortress Energy

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New Fortress Energy Finalizes Acquisition Agreement for 1.6 GW of UTE Portocem

NFE Will Transfer Contract from UTE Portocem to Thermoelectric Plants Connected to the GNL Terminals of Barcarena and TGS, Enabling the First Commercial Operation of Thermoelectric Energy.

Acquisition of Capacity Reserve Agreement by New Fortress Energy

Expansion of New Fortress Energy in Brazil

Strategic Planning of New Fortress Energy

Impact of the Acquisition of the Portocem PPA by New Fortress Energy

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

Seen from space, an image taken by an astronaut shows in Argentine Patagonia the exact point where a colossal glacier, a turquoise-blue lake, and a greenish arm of water meet, creating one of the rarest and most impressive landscapes in the region.

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