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“NFE Completes Transaction for 1.6 GW Capacity Reservation from Ceiba Energy (PPA PortoCem) Through Executed Contract.”
The Nova Fortress Energy (NFE), a U.S. company operating in the energy sector, has entered into a definitive contract to acquire a capacity reservation contract for 1.6 GW (PPA PortoCem) from Ceiba Energy, which will be transferred to new energy assets connected to NFE’s existing LNG terminals in Brazil, thus consolidating NFE’s position as a leader in LNG for energy in the country.
According to NFE, the agreement was signed in exchange for newly issued redeemable Series A convertible preferred shares of NFE and the assumption of certain liabilities from a subsidiary of the energy company Ceiba Energy.
New Agreements Signed by NFE, Nova Fortress Energy
Subject to customary closing conditions, including regulatory approval for the transfer of the capacity reservation contract in Brazil, NFE, Nova Fortress Energy, is about to finalize a significant agreement that will contribute firm capacity payments of US$ 336 million per year during the 18-year contract term. NFE expects the transaction to be completed in March 2025, with project cash flows anticipated to start by July 2027, the company stated.
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Expansion of Business and Existing Infrastructure
NFE plans to leverage its existing infrastructure in Brazil and transfer the capacity reservation contract to new energy assets connected to its existing LNG terminals in Brazil – Barcarena and Terminal Gás Sul (TGS). The energy company agrees that the strategic utilization of existing infrastructure is essential for the original development of its energy complexes and for the success of its commercial operations, aiming for more efficient and cleaner energy generation.
The energy company emphasizes that the use of existing facilities in Barcarena will strategically expand its energy complex by 1.44 GW, with the commercial operation date for the expansion expected in 2027. The original development of 756 MW by NFE in Barcarena remains on schedule for commercial operations in the third quarter of 2026.
Transaction Completed and New Power Generation Assets
Additionally, NFE plans to transfer the remaining 0.48 GW of the capacity reservation contract to another power generation asset that connects to its TGS terminal. By utilizing its existing asset base, NFE agrees that it expects to reduce costs and generate revenue and incremental gains at its terminals while maintaining the efficiency and reliability of its operations.
With the acquisition of the capacity reservation contract, NFE adds significant downstream energy infrastructure to its asset base, enabling greater use of its existing terminal infrastructure in Barcarena and TGS. The TGS terminal is uniquely positioned to continue alleviating natural gas supply issues for over 3.6 GW of existing industrial and power generation clients currently facing supply constraints in the region, NFE said in a statement.
New Perspectives for NFE, Nova Fortress Energy
We are extremely pleased to expand our business in Brazil and solidify NFE as a leading provider of clean and reliable energy for one of the fastest-growing economies in the world,’ said Wes Edens, Chairman and CEO of New Fortress Energy. With the acquisition of the capacity reservation contract today, 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 optimization of our assets in an effort to generate long-term value for shareholders,’ added Andrew Dete, General Director of Nova Fortress Energy.
EmilioVicens, CEO of Ceiba Energy, stated: ‘We are pleased to support NFE’s efforts to expand its activities in Brazil. This transaction will allow the Brazilian energy market to benefit from a clean capacity reserve consistent with the country’s stated goal of providing reliable energy capacity supporting renewable energy resources. It is also important to highlight that the transaction allows Ceiba Energy to continue developing its LNG energy import center in the State of Ceará.’
Source: © OFF Shore Energy
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