New Fortress Energy Inc. the US developer of floating LNG production and import terminal and power projects, has signed agreements to provide gas-fired power and natural gas to the US Caribbean territory of Puerto Rico.
NFE said its Puerto Rican subsidiaries, NFE Power PR and NFEnergia, had entered into agreements with the US-based industrial and energy company, Weston Solutions, for the installation and operation of 150 megawatts of additional power generation at the Palo Seco Power Plant in Puerto Rico as well as the supply of natural gas.
“Weston has won a task order to supply the temporary power generation to support the overall mission of the island’s grid stabilization at the Palo Seco Power Plant under its US Army Corps of Engineers Omaha Rapid Disaster Infrastructure contract,” explained NFE.
“The 150 MW of dual-fuel generators are expected to enable maintenance and repair work of Puerto Rico’s power system and grid,” added the New York-based company.
Wes Edens, the Chairman and Chief Executive NFE, said he was pleased to partner with Weston and support this “critical mission” to improve grid stability in Puerto Rico.
Federal help
“The Federal Government is providing much-needed resources to Puerto Rico’s recovery and this project will help enable the transition to a cleaner, more affordable and reliable energy system,” stated Edens.
NFE on March 7 had reported increased annual revenues and net profits as its array of projects advanced.
The total annual revenues of NFE jumped almost 80 percent to $2.36 billion, up from $1.32Bln in 2021.
NFE’s annual net profits amounted to $185M compared with $93M in 2021.
The company also completed the Barcarena LNG import terminal in Brazil and expects to deliver first gas to the industrial customer, Norsk Hydro, later in 2023.
NFE said construction of its Fast LNG production units was progressing rapidly with the first FLNG unit expected to achieve mechanical completion in the Spring of 2023 and commence operations by mid-2023, explained NFE.
Ship venture
NFE also closed a $2Bln transaction to form a joint venture called Energos Infrastructure with US equity fund Apollo Asset Management in which NFE holds long-term charters for 10 LNG vessels.
Then in response to the European energy crisis, the Eems Energy Terminal in The Netherlands commenced operations in September 2022 utilizing NFE's “Energos Igloo” FSRU.
The company also finalized its partnership terms with state-backed energy company Petróleos Mexicanos (Pemex) to jointly develop the Lakach deepwater natural gas field in the Gulf of Mexico and to deploy a “Fast LNG” unit to that location.
