New Fortress Energy (NFE) has signed agreements to secure up to US$575 million in financing to complete the construction of its 630 MW Barcarena power plant in Brazil.

Funding for NFE will be sourced from the Brazilian development bank, Banco Nacional de Desenvolvimento Econômico e Social (BNDES), as well as Lumina Capital Management and BTG Asset Management (BTG). The power plant is currently under development by Mitsubishi and Toyo Setal through a fixed-price, date-certain EPC contract, and it has achieved approximately 37% completion thus far. Situated adjacent to NFE's LNG import terminal at the mouth of the Amazon River, the power plant is expected to commence operations in Q3 of 2025. The project is supported by a 25-year power purchase agreement (PPA) with multiple electricity distribution companies in Brazil.

Key features of the 630 MW Barcarena power plant:

• Combined cycle gas turbine (CCGT) technology: The plant uses CCGT technology, which is one of the most efficient ways to generate electricity from natural gas.
• LNG-fired: The plant is fueled by LNG, which is a clean and efficient fuel source.
• High efficiency: The plant has a net efficiency of over 60%, which is one of the highest in the world for a CCGT power plant.
• Significant emissions reductions: The plant is expected to reduce Brazil's greenhouse gas emissions by over 2 million tons per year.
• Major investment: The plant is a significant investment in Brazil's energy sector and is expected to create hundreds of jobs.