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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.
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