New Fortress Energy closes financings to fully fund 630 MW Barcarena Power Plant; Barcarena LNG import terminal to commence operations at year end 2023

Business Wire
November 7, 2023
By: Staff



In the news

NEW YORK--(BUSINESS WIRE)--Nov. 7, 2023-- New Fortress Energy Inc. (NASDAQ: NFE) announced that it has executed definitive agreements with the Brazilian development bank, Banco Nacional de Desenvolvimento Econômico e Social (“BNDES”), and funds managed by Lumina Capital Management (“Lumina”) and BTG Asset Management (“BTG”) to fund up to $575 million in asset-based financing. These financings will be used to complete construction of our 630 MW Barcarena power plant, which is approximately 37% completed pursuant to a fixed-price, date-certain EPC contract with Mitsubishi and Toyo Setal. The power plant, located adjacent to NFE’s LNG import terminal at the mouth of the Amazon river, is on schedule to commence operations in the third quarter of 2025 under a 25-year power purchase agreement (PPA) with several electricity distribution companies in Brazil.

The Company’s planned conversion of the Energos Celsius from an LNG carrier to a Floating Storage and Regasification Unit (“FSRU”) remains on schedule for November completion, before delivery and first gas to customers at our Barcarena import terminal beginning at year end 2023. The Energos Celsius is chartered by NFE from Energos Infrastructure on a long-term basis.

“We are pleased to work with our partners at BNDES, Lumina, and BTG, as together we achieved a significant milestone for our business in Brazil by closing asset-based financing at attractive rates to fully fund our 630 MW Barcarena power plant. This power plant will contribute to our portfolio of contracted, long-term cash flows in Barcarena beginning in the third quarter of 2025. This will follow contracted cash flows at our Barcarena terminal from Norsk Hydro and Gás do Pará that commence at year end 2023," said Andrew Dete, Managing Director of New Fortress Energy.

About New Fortress Energy Inc.

New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.