New Fortress Energy to develop new 350 MW power plant in Sri Lanka

Business Wire
July 13, 2021
By: Staff

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In the news

NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“New Fortress”) announced today that it has signed a Memorandum of Understanding (MOU) with Lakdhanavi Limited (LTL), a private company in Sri Lanka, to jointly develop a 350 MW gas-fired power plant in the Kerawalapitiya Power Complex located in Colombo, Sri Lanka.


“This partnership builds on our efforts to accelerate Sri Lanka’s transition to cleaner, cheaper energy,” said Wes Edens, Chairman and CEO of New Fortress Energy. “This development will further advance the introduction of natural gas and add additional modern power infrastructure.”

LTL was previously awarded a 20-year power purchase agreement (PPA) with the Government of Sri Lanka through a competitive tender to provide electricity to the national grid.

On July 8, New Fortress announced the signing of a Framework Agreement with the Government of Sri Lanka to build an offshore liquefied natural gas (LNG) receiving, storage and regasification terminal located off the coast of Colombo, and rights to supply gas to the existing 300 MW Yugadanavi power plant. New Fortress will utilize this same LNG terminal to also supply natural gas to this new 350 MW power plant. These two power plants total approximately 650 MW within the Kerawalapitiya Power Complex.

The MOU is non-binding on the parties, and actual terms of any future definitive agreements may differ from the terms of the MOU.

About New Fortress Energy Inc.

New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.