With the recent execution of definitive agreements to raise up to $575 million in asset-based financing, New Fortress Energy is progressing further with its Barcarena power plant project. Lumina Capital Management, BTG Asset Management, and the Brazilian development bank BNDES will all provide the capital.
NFE states that these financings would be used to conclude the construction of its 630 MW Barcarena power plant. This is in accordance with a fixed-price, date-certain EPC contract with Mitsubishi and Toyo Setal. The project is currently around 37% complete.
The plant is expected to commence operations in the third quarter of 2025. This is according to a 25-year power purchase agreement (PPA). The agreement was entered into with a number of Brazilian electricity distribution companies.
Barcarena Power Plant’s location
It sits next to NFE’s LNG import terminal facility at the mouth of the Amazon River.
According to NFE, the company’s plan to convert the LNG carrier Energos Celsius into a floating storage and regasification unit (FSRU) is still on schedule to be completed in November 2023. This will allow for the first gas to be delivered to consumers at the Barcarena import terminal by the end of 2023. NFE has granted Energos Celsius a long-term charter from Energos Infrastructure.
It ought to be noted that recently, NFE also confirmed the execution of a definitive agreement to charter the FSRU Energos Winter from Petrobras. The state-owned gas and oil company in Brazil will commence this charter in December 2023.
NFE claims that this FSRU is expected to be deployed at Terminal Gas Sul (TGS). The terminal is the company’s newest LNG import terminal. It is said that the facility is situated in Santa Catarina, Brazil. It is projected that TGS will commence commercial operations in January 2024. This is ahead of schedule, unlike what was expected.
The aim of New Fortress Energy Inc. is to tackle energy poverty. It also seeks to accelerate the global transition to clean, cheap, and reliable energy. The company is also a reputable global provider of energy infrastructure.
