New Fortress Energy Signs Agreement to Acquire the Contract for the Portocem Power Plant.

Written by Paulo Nogueira

Published on 28/12/2023 at 23:16

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

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NFE Transfers Contract from UTE Portocem to Thermal Power Plants Connected to the GNL Terminals of Barcarena and TGS. Capacity Reserve Auction.

New Fortress Energy (NFE) has reached an agreement to take on the obligations and revenue from the 1.6 GW capacity reserve contract of the Portocem Thermal Power Plant (UTE Portocem), a subsidiary of Ceiba Energy, in exchange for convertible preferred shares of NFE.

The contract, lasting fifteen years, stipulates payment of US$ 280 million per year to NFE and was won by UTE Portocem in the 1st Capacity Reserve Auction held in 2021 by Aneel. The completion of the transaction is subject to regulatory agency approval.

Expansion of New Fortress Energy’s Business

New Fortress Energy (NFE) is optimistic about the progress of the transaction, expected to be completed by March 2024, with cash flows from the project estimated to begin, at the latest, in July 2026.

ARTICLE CONTINUES BELOW

NFE’s Thermal Energy Projects in Brazil

The company plans to transfer the contract to the thermal energy assets connected to the GNL terminals it owns in Brazil, including Barcarena in Pará and Terminal Gas Sul (TGS) in Santa Catarina. Both terminals are expected to enter into operation by early 2024.

Expansion and Development of NFE in Brazil

The president and CEO of New Fortress Energy, Wes Edens, expressed his satisfaction with the expansion of the company’s business in Brazil and NFE’s positioning as a leading supplier of clean and reliable energy for one of the fastest-growing economies in the world.

Investment in UTE Portocem

With power capacity of 1.6 GW, the Portocem Thermal Power Plant is an investment by Ceiba Energy, valued at around R$ 4.7 billion, currently in construction phase in the Ceará Export Processing Zone (ZPE Ceará), within the Pecém Industrial and Port Complex (CIPP).

Expansion of NFE’s Energy Complex

NFE’s strategy involves expanding the energy complex in Barcarena by 1.2 GW by 2026, while the remaining 0.4 GW will be directed to power generation assets connected to TGS. The original development of 630 MW by NFE in Barcarena is on schedule, expected to be completed by the third quarter of 2025.

Vertical Integration and Asset Optimization

New Fortress Energy intends to leverage its existing asset base to reduce costs and generate incremental income and gains at its terminals. The acquisition of the Portocem PPA adds a long-term contracted asset, aligning with NFE’s vertical integration and asset optimization strategy to create value for shareholders in the long term, as highlighted by General Director Andrew Dete.

Natural Gas Supply and Power Generation at TGS Terminal

The TGS terminal is expected to address some of the limitations in natural gas supply in the region, serving over 3 GW of industrial and power generation clients. New Fortress Energy is committed to increasing its presence and contributing to the expansion of energy infrastructure in Brazil.

Source: EPBR

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New Fortress Energy Signs Agreement to Acquire the Contract for the Portocem Power Plant.

NFE Transfers Contract from UTE Portocem to Thermal Power Plants Connected to the GNL Terminals of Barcarena and TGS. Capacity Reserve Auction.

Expansion of New Fortress Energy’s Business

NFE’s Thermal Energy Projects in Brazil

Expansion and Development of NFE in Brazil

Investment in UTE Portocem

Expansion of NFE’s Energy Complex

Vertical Integration and Asset Optimization

Natural Gas Supply and Power Generation at TGS Terminal

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New Fortress Energy Signs Agreement to Acquire the Contract for the Portocem Power Plant.

NFE Transfers Contract from UTE Portocem to Thermal Power Plants Connected to the GNL Terminals of Barcarena and TGS. Capacity Reserve Auction.

Expansion of New Fortress Energy’s Business

NFE’s Thermal Energy Projects in Brazil

Expansion and Development of NFE in Brazil

Investment in UTE Portocem

Expansion of NFE’s Energy Complex

Vertical Integration and Asset Optimization

Natural Gas Supply and Power Generation at TGS Terminal

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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.

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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