New Fortress Energy Closes Deal to Acquire 1.6 GW from Portocem Power Plant

Written by Paulo Nogueira

Published on 28/12/2023 at 22:41

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

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NFE Expects To Transfer Contract From UTE Portocem To Thermal Power Plants Connected To The Barcarena LNG Terminals, In Accordance With Capacity Reserve.

New Fortress Energy (NFE) has just closed a deal to take over the obligations and revenue from the 1.6 GW capacity reserve contract of the Portocem Thermal Power Plant (UTE Portocem), which is a subsidiary of Ceiba Energy. In exchange, NFE will receive convertible preferred shares of UTE Portocem.

With a duration of fifteen years, the contract provides for a payment of US$ 280 million per year to New Fortress Energy. UTE Portocem won the contract at the 1st Capacity Reserve Auction for Power, held in 2021 by Aneel. The completion of this transaction is subject to approval by the regulatory agency, which will represent an important milestone for NFE in the Brazilian energy market.

New Fortress Energy: Expansion In Brazil

NFE expects the agreement to be finalized by March 2024, with cash flows from the project expected to start by July 2026 at the latest. This agreement is part of a broader strategy to expand New Fortress Energy’s (NFE) presence in the Brazilian energy market.

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Portocem Thermal Power Plant And Ceiba Energy

NFE’s idea is to transfer the contract to the thermal energy assets connected to the Liquefied Natural Gas (LNG) terminals that the company has in Brazil: Barcarena, in Pará, and Terminal Gas Sul (TGS), in Santa Catarina. Both are expected to be operational by early 2024.

Project And Operation

With a project of 1.6 GW, UTE Portocem is an investment from Ceiba Energy, worth approximately R$ 4.7 billion, which is currently under construction in the Ceará Export Processing Zone (ZPE Ceará), within the Pecém Industrial and Port Complex. The transaction with NFE has a long-term duration, and the company expects to consolidate its presence in the country.

Expansion Of Asset Base

NFE’s strategy is 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 TGS. The original development of 630 MW by NFE in Barcarena remains within the timeline, scheduled for the third quarter of 2025.

Economic Impact

By utilizing its existing asset base, the company expects to reduce costs and generate incremental revenue and gains at its terminals. The acquisition of the PPA Portocem is a key part of New Fortress Energy’s vertical integration and asset optimization strategy, aligning with the company’s long-term vision.

Future Outlook

The TGS terminal expects to address some of the limitations in natural gas supply in the region, which includes over 3 GW of industrial and power generation customers. New Fortress Energy is committed to the success and sustainable growth of its operations in Brazil, strengthening its position as a leader in providing clean and reliable energy for the country. With this, the company consolidates its role as a leading supplier of clean and reliable energy for Brazil’s growing economy.

Source: EPBR

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New Fortress Energy Closes Deal to Acquire 1.6 GW from Portocem Power Plant

NFE Expects To Transfer Contract From UTE Portocem To Thermal Power Plants Connected To The Barcarena LNG Terminals, In Accordance With Capacity Reserve.

New Fortress Energy: Expansion In Brazil

Portocem Thermal Power Plant And Ceiba Energy

Project And Operation

Expansion Of Asset Base

Economic Impact

Future Outlook

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New Fortress Energy Closes Deal to Acquire 1.6 GW from Portocem Power Plant

NFE Expects To Transfer Contract From UTE Portocem To Thermal Power Plants Connected To The Barcarena LNG Terminals, In Accordance With Capacity Reserve.

New Fortress Energy: Expansion In Brazil

Portocem Thermal Power Plant And Ceiba Energy

Project And Operation

Expansion Of Asset Base

Economic Impact

Future Outlook

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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.

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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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