New Fortress Energy Closes Deal to Acquire 1.6 GW from UTE Portocem

Written by Paulo Nogueira

Published on 28/12/2023 at 20:00

Visão aérea de estruturas e embarcações em terminal de regaseificação de GNL do Pecém (Foto: Divulgação/Petrobras) – Todos os direitos: EPBR

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Ceiba Energy’s Investment in Thermal Power, Power Generation Assets, Cash Flows, and LNG Terminals. Regulatory Agency and PPA Portocem.

New Fortress Energy (NFE) closed a deal to take over the obligations and revenue of the 1.6 GW capacity reserve contract from the Portocem Thermal Power Plant (UTE Portocem), a subsidiary of Ceiba Energy, in exchange for convertible preferred shares of NFE. The completion of the transaction is subject to regulatory agency approval. UTE Portocem secured the contract, lasting fifteen years, in the 1st Capacity Reserve Auction, held in 2021 by Aneel, and provides for a payment of US$ 280 million per year to NFE.

New Fortress Energy (NFE) Acquisition Will Increase Its Presence in Brazil

New Fortress Energy (NFE) expects the transaction to be completed in March 2024, with the cash flows from the project expected to start by July 2026 at the latest. The company’s plan is to transfer the contract to the thermal power assets connected to the LNG terminals the company owns in Brazil: Barcarena, in Pará, and Terminal Gas Sul (TGS), in Santa Catarina. Both are expected to come into operation by early 2024.

New Investments in the Brazilian Energy Sector

With a 1.6 GW project, the Portocem Thermal Power Plant, an investment by Ceiba Energy, valued at approximately R$ 4.7 billion, is currently in construction phase at the Export Processing Zone of Ceará (ZPE Ceará), in the Industrial and Port Complex of Pecém (CIPP). New Fortress Energy (NFE) plans to expand its energy 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. The original development of 630 MW by NFE in Barcarena remains on schedule for the third quarter of 2025.

ARTICLE CONTINUES BELOW

Expansion of New Fortress Energy’s Presence in Brazil

By utilizing its existing asset base, the company expects to reduce costs and generate revenue and incremental gains at its terminals. The acquisition of the PPA Portocem adds a long-term contracted asset that is highly complementary to New Fortress Energy’s presence in Brazil. This aligns with the strategy of vertical integration and asset optimization, in an effort to create long-term shareholder value.

Gas-Sul Terminal (TGS) and Its Benefits for the Region

The TGS terminal is expected to alleviate some of the limitations in natural gas supply in the region, which includes over 3 GW of industrial and power generation customers.’

Source: EPBR

New Fortress Energy Closes Deal to Acquire 1.6 GW from UTE Portocem

Ceiba Energy’s Investment in Thermal Power, Power Generation Assets, Cash Flows, and LNG Terminals. Regulatory Agency and PPA Portocem.

New Fortress Energy (NFE) Acquisition Will Increase Its Presence in Brazil

New Investments in the Brazilian Energy Sector

Expansion of New Fortress Energy’s Presence in Brazil

Gas-Sul Terminal (TGS) and Its Benefits for the Region

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New Fortress Energy Closes Deal to Acquire 1.6 GW from UTE Portocem

Ceiba Energy’s Investment in Thermal Power, Power Generation Assets, Cash Flows, and LNG Terminals. Regulatory Agency and PPA Portocem.

New Fortress Energy (NFE) Acquisition Will Increase Its Presence in Brazil

New Investments in the Brazilian Energy Sector

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Gas-Sul Terminal (TGS) and Its Benefits for the Region

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China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

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