(Source: Shutterstock.com)
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
Biden-Led EPA Rolls Out Methane Fee Targeting Oil, Gas Emitters
2024-11-12 - Companies violating the new Environmental Protection Agency rules will start paying penalties next year based on methane emissions reported in calendar year 2024.
Electrigen, Hyliion to Partner on Methane Emissions Reduction Project
2025-01-22 - ElectriGen and Hyliion Holdings Corp.’s methane emissions reduction project has been awarded $6 million by the Department of Energy. Hyliion’s Karno generators can use wellhead gas to produce low-emission electricity.
Uncertainty Abounds: IRA Clean Energy Incentives Await Fate
2025-01-05 - Policy experts weigh in on the next possible steps for President Joe Biden’s signature climate law, the Inflation Reduction Act, following the Trump-led Republican trifecta.
Pioneer to Adapt Emvolon’s Flare Gas-to-Methanol Tech
2025-01-13 - The Department of Energy awarded Pioneer Energy $6 million to demonstrate the technology at an oil and gas facility in the Eagle Ford Shale for 12 months.
Industry Players Get Laser Focused on Emissions Reduction
2025-01-16 - Faced with progressively stringent requirements, companies are seeking methane monitoring technologies that make compliance easier.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.