![New Fortress Energy Sells Two Power Plants to Puerto Rico](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/03/san-juan-power-plant.jpg?itok=0kEGxGnk)
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.
Recommended Reading
Spate of New Contracts Boosts TechnipFMC's Subsea Profits
2024-04-30 - TechnipFMC's operational profits are growing as the company heightened its focus on “quality” subsea orders, which earned $2.4 billion for the first quarter.
Exclusive: Cost-effective Benefits of Extracting from Mature Assets
2024-05-13 - Baker Hughes' well abandonment leader Bart Joppe details the importance of extracting resources from mature assets and the company's approach to managing a well, in this Hart Energy Exclusive interview.
Trendsetter to Deliver Subsea Manifolds Offshore Brazil to Trident Energy
2024-06-13 - The subsea contract follows Trendsetter establishing local facilities in Brazil.
E&P Highlights: June 10, 2024
2024-06-10 - Here’s a roundup of the latest E&P headlines, including a decline in global drilling activity and new contract awards.
Aramco Credits Adaptability, Collaboration for Driving Innovation
2024-05-15 - Aramco’s implementation of different approaches has led to the creation and commercialization of newer products, said Max Deffenbaugh, principal scientist for Aramco, at the 2024 Offshore Technology Conference in Houston.