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NFE Plans to Transfer Contract from UTE Portocem to Thermoelectric Plants Connected to the LNG Terminals of Barcarena and TGS.
New Fortress Energy (NFE) closed a deal to acquire 1.6 GW in contract from the Portocem Thermal Power Plant (UTE Portocem), a subsidiary of Ceiba Energy. In exchange, NFE will receive convertible preferred shares of UTE Portocem, marking an important move in the thermoelectric energy sector.
The fifteen-year agreement, valued at US$ 280 million per year, was won by UTE Portocem in the 1st Capacity Reserve Auction, organized by Aneel in 2021. The completion of the transaction is subject to approval by the regulatory agency, marking a significant step for NFE to expand its operations in the LNG market.
New Fortress Energy Announces Acquisition of 1.6 GW in Contract from UTE Portocem
New Fortress Energy (NFE) announced the acquisition of 1.6 GW in contract from the Portocem Thermal Power Plant, an investment by Ceiba Energy valued at approximately R$ 4.7 billion. This transaction, conducted through a capacity reserve in a auction, represents a significant milestone for the company in the thermoelectric energy segment, further expanding its presence in Brazil.
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The transaction is expected to be completed in March 2024, with estimated project cash flows anticipated to start no later than July 2026, aligning with the construction phase of UTE Portocem, located in the Ceará Export Processing Zone (ZPE Ceará), within the Industrial and Port Complex of Pecém (CIPP).
Wes Edens, president and CEO of New Fortress Energy, emphasized the strategic importance of the acquisition, stating that ‘we are extremely pleased to expand our business in Brazil and consolidate NFE as a leading provider of clean and reliable energy for one of the fastest-growing economies in the world’.
NFE and the LNG Terminals
As part of the transaction, NFE plans to transfer the contract to thermoelectric energy assets connected to the LNG terminals that the company owns in Brazil, including Barcarena in Pará and the Gas Sul Terminal (TGS) in Santa Catarina. Both terminals are scheduled to start operations by early 2024, significantly contributing to the supply of clean and reliable energy in the country.
The original development of 630 MW by NFE in Barcarena remains on schedule, with completion expected in the third quarter of 2025. Additionally, NFE’s strategy is to expand its energy complex by 1.2 GW in Barcarena by 2026, allocating the remaining 0.4 GW for energy generation assets connected to TGS.
Vertical Integration and Asset Optimization
By utilizing its existing asset base, New Fortress Energy expects to reduce costs and generate incremental revenue and gains at its LNG terminals in Brazil. Andrew Dete, general director of NFE, emphasized that ‘with the acquisition of the Portocem PPA, we are adding a long-term contracted asset that is highly complementary to our presence in Brazil. This aligns with our strategy of vertical integration and optimizing our assets in an effort to generate long-term value for shareholders’.
The TGS terminal, in turn, is expected to address some of the limitations in the natural gas supply in the region, serving a demand that spans over 3 GW from industrial customers and power generation. This transaction reinforces NFE’s commitment to contributing to the expansion and strengthening of clean and reliable energy infrastructure in Brazil, keeping it at the forefront of the thermoelectric energy sector.
Source: EPBR
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