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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.
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The government will pay R$ 1.20 for each liter of diesel that Brazil imports and for the first time in history requires distributors to reveal how much they profit — those who hide their margins will face fines of up to R$ 500 million…
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Under kilometers of water, rock, and salt, Brazil hides a colossal wealth that led an official guide from the U.S. government to recognize the country as the owner of the largest ultra-deep oil reserves in the world.
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Iran said that the Strait of Hormuz is open, but in practice only 1 non-Iranian oil tanker managed to cross in 24 hours — before the blockade, 100 ships passed per day.
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Petrobras completes 1,300 hours of work and 15 km of subsea lines to connect the Búzios 90 well to the P-79 — the platform is ready to produce 180,000 barrels per day and is just awaiting ANP approval.
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
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