New Fortress Energy Completes Previously Announced Acquisition and Transfer of 1.6 GW, 15-year Contracted Power Asset in Brazil [Yahoo! Finance]
New Fortress Energy Inc. - Class A (NFE)
Last new fortress energy inc. - class a earnings: 3/4 12:02 am
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Source: Yahoo! Finance
and transfer of a 1.6 GW Capacity Reserve Contract ("PortoCem PPA" or "PPA") from Ceiba Energy, a portfolio company of Denham Capital, in exchange for newly issued NFE redeemable Series A Convertible Preferred Stock and the assumption of certain liabilities from a subsidiary of Ceiba Energy. Construction activities for the 1.6 GW power plant have commenced at NFE's site adjacent to our existing LNG terminal located in Barcarena, Brazil. Commercial operations are expected to begin no later than August 2026, resulting in more than $280 million of annual fixed capacity payments under the PPA's 15-year contract term. "Completing this transaction means we now have over 2.2 GW of contracted power at Barcarena that will reach COD in 2025 and 2026, in addition to our existing 15-year gas sales agreement with Norsk Hydro. This transaction represents the value of our operational LNG terminals in Brazil and we appreciate the partnership with Denham Capital to move quickly to transfer this PP
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