New Fortress Energy executed definitive agreements with the Brazilian development bank, Banco Nacional de Desenvolvimento Econômico e Social (BNDES), and funds managed by Lumina Capital Management and BTG Asset Management to fund up to $575 million in asset-based financing. These financings will be used to complete construction of the company’s 630 MW Barcarena power plant, which is approximately 37% completed pursuant to a fixed-price, date-certain EPC contract with Mitsubishi and Toyo Setal. The power plant, located adjacent to NFE’s LNG import terminal at the mouth of the Amazon River, is on schedule to commence operations in the third quarter of 2025 under a 25-year power purchase agreement (PPA) with several electricity distribution companies in Brazil.

The company’s planned conversion of the Energos Celsius from an LNG carrier to a floating storage and regasification unit remains on schedule for November completion, before delivery and first gas to customers at our Barcarena import terminal beginning at year end 2023. The Energos Celsius is chartered by NFE from Energos Infrastructure on a long-term basis.

“We are pleased to work with our partners at BNDES, Lumina, and BTG, as together we achieved a significant milestone for our business in Brazil by closing asset-based financing at attractive rates to fully fund our 630 MW Barcarena power plant. This power plant will contribute to our portfolio of contracted, long-term cash flows in Barcarena beginning in the third quarter of 2025. This will follow contracted cash flows at our Barcarena terminal from Norsk Hydro and Gás do Pará that commence at year end 2023,” Andrew Dete, managing director of New Fortress Energy, said.