The San Juan Power Plant in San Juan, Puerto Rico. (Source: Shutterstock)
New Fortress Energy Inc. (NFE) sold two of its emergency power plants to the Puerto Rico Electric Power Authority (PREPA), the company said in a March 18 press release.
The power plants, constructed on behalf of the U.S. Army Corps of Engineers in San Juan and Palo Seco, were sold to PREPA for $373 million in cash.
The plants were developed by NFE in 2023 in response to a competitive bid by the U.S. Army Corps of Engineers to provide emergency power to Puerto Rico. They have since become a cornerstone of Puerto Rico's energy portfolio, helping stabilize the grid in the aftermath of recent natural disasters.
As part of another transaction with PREPA, NFE entered into a new island-wide 80 trillion Btu gas supply contract with PREPA for up to four years. The expanded volumes will assist in the conversion of other plants on the island from diesel to gas, providing lower cost, cleaner energy to Puerto Rico.
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