New Fortress Energy (NFE) has completed the previously announced acquisition and transfer of a 1.6 gigawatt (GW) capacity reserve contract from Ceiba Energy, the company said on March 20. NFE received the contract from Ceiba Energy, a portfolio company of Denham Capital, in exchange for newly issued NFE redeemable Series A Convertible Preferred Stock.
“Completing this transaction means we now have over 2.2 GW of contracted power at Barcarena that will reach COD [commercial operations] in 2025 and 2026, in addition to our existing 15-year gas sales agreement with Norsk Hydro,” said Andrew Dete, managing director of New Fortress Energy.
Construction activities for the power plant have begun. Commercial operations are expected to begin no later than August 2026, resulting in more than $280 million of annual fixed capacity payments under the 15-year contract term.
Recommended Reading
Marketed: Berlin Resources Anadarko Basin Opportunity
2024-05-13 - Berlin Resources LLC has retained EnergyNet for the sale of an Anadarko Basin opportunity in the Donita 35/2 AP #1H in Roger Mills County, Oklahoma.
Marketed: Wayfinder Resources, KSE Minerals Five Well Package in Oklahoma
2024-05-13 - Wayfinder Resources Operating and KSE Minerals has retained EnergyNet for the sale of a Mississippian/ Woodford opportunity in Canadian County, Oklahoma.
ADNOC Drilling Secures $1.7B Contract for Unconventionals Recovery
2024-05-13 - ADNOC Drilling’s new incorporated company, Turnwell Industries, will deliver a total of 144 unconventional wells, as per the contract.
NANO Nuclear Energy Closes $10.25MM IPO
2024-05-13 - NANO Nuclear began trading on the Nasdaq Capital Market under the symbol NNE on May 8.
Marketed: Onyx Resources 23 Well Package in Texas
2024-03-25 - Onyx Resources has retained EnergyNet for the sale of a 23 well package plus 1,082.81 net leasehold acres in Archer, Clay, Fisher, Jones, Kent, Stephens, Taylor and Young counties, Texas.