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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.
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The company’s plan is to transfer the contract to renewable energy assets connected to the Liquefied Natural Gas (GNL) terminals it owns in Brazil: Barcarena, in Pará, and Terminal Gas Sul (TGS), in Santa Catarina, both expected to have first commercial operations by early 2024.
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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