New Fortress Energy Announces It Has Sold The Emergency Power Plants It Constructed On Behalf Of The U.S. Army Corps Of Engineers In San Juan And Palo Seco To PREPA For $373M In Cash
Portfolio Pulse from Happy Mohamed
New Fortress Energy Inc. (NFE) has sold two emergency power plants in San Juan and Palo Seco, Puerto Rico, to the Puerto Rico Electric Power Authority (PREPA) for $373 million. Additionally, NFE secured an 80 TBtu gas supply contract with PREPA, doubling its gas supply volumes to these plants. These moves are part of NFE's commitment to enhancing Puerto Rico's energy infrastructure and stability.
March 18, 2024 | 12:38 pm
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NFE sold two power plants to PREPA for $373M and secured an 80 TBtu gas supply contract, significantly enhancing its business in Puerto Rico.
The sale of the power plants and the securing of a substantial gas supply contract are likely to have a positive impact on NFE's financials and its strategic position in Puerto Rico. The cash infusion from the sale and the potential revenue from the gas supply contract could improve NFE's balance sheet and profitability in the short term. Additionally, these transactions demonstrate NFE's commitment to Puerto Rico's energy sector, potentially enhancing its reputation and business prospects in the region.
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