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New Fortress Energy to build LNG-to-power project in Brazil

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LNG Industry,

New Fortress Energy Inc. has announced that it has signed an MOU with Petrobras Distribuidora S.A. (BR) and CCETC Brasil Holding Ltda. (CCETC) to acquire 288 MW of 15-year power purchase agreements (PPAs) with the intention of developing an LNG terminal and gas-fired power plant at the Suape Port in Brazil.

“The Suape Port provides an ideal location for NFE to bring clean and affordable energy to a rapidly growing region of Brazil,” said Wes Edens, Chairman and CEO of New Fortress Energy. “Our LNG terminal and gas-fired power plant will advance the clean energy transition in the state of Pernambuco and the wider Northeast region of Brazil. Coupled with our acquisition of Hygo, this provides us a significant portfolio of power and gas assets and a leadership position in Brazil’s large and growing market.”

Under the MOU, BR and CCETC intend to sell to NFE 100% of their respective ownership in power generation companies Pecém Energia S.A. and Energética Camaçari Muricy II S.A., which hold PPAs totalling 288MW. Execution of a definitive sale and purchase agreement is expected to occur in January, subject to final approval from the BR Board of Directors.

NFE has also entered into a definitive agreement to acquire CH4 Energia Ltda., which owns key permits and authorisations to develop an LNG terminal and up to 1.37 GW of gas-fired power at the Suape Port in the city of Ipojuca, State of Pernambuco, Brazil.

NFE plans to satisfy the obligations of the PPAs by moving the site and constructing a 288 MW gas-fired power plant and LNG import terminal at the Suape Port, following necessary approvals from the Agência Nacional de Energia Elétrica (ANEEL) and other relevant regulatory authorities in Brazil. NFE expects to provide LNG and natural gas to major energy consumers within the port complex and across the greater Northeast region of Brazil.

The terminal and power plant in the Suape Port are anticipated to begin commercial operations by the end of 2022.

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