Production at new LNG terminals in Mexico, Nicaragua, and Brazil will increase output for New Fortress Energy (NFE) to 3.6Mg/d (million gallons a day) soon, CEO Wes Edens informed during a presentation on NFE’s financial results for the first quarter ending March 31, 2021.
The company’s normalised sales volumes are currently at 2Mg/d.
At this time, the US-based company operates terminals in Jamaica and Puerto Rico.
The 1.8Mg/d La Paz terminal in Mexico and the 2.4Mg/d Puerto Sandino terminal in Nicaragua are scheduled to come online in the next 60 days. Edens outlined that the addition of Brazilian terminals Barcarena, Suape and Santa Catarina in 2022 would help push sales volume to 16.2Mg/d.
NFE’s modular liquefaction facility project — Fast LNG — is due online by end-2022.
The company is also planning a new joint venture (JV), Zero Parks, as a standalone public company for cleaner fuels. Renewable diesel and hydrogen targeted for the next 90 – 120 days should cost between US$200 million and US$300 million each.
The other party in the Zero Parks joint venture will be Fortress Transportation and Infrastructure LLC (NYSE: FTAI), a business with deep investment experience in transportation and high-utility infrastructure assets in the United States.
Zero Parks pairs FTAI’s transportation experience and infrastructure with NFE’s focus on hydrogen and clean energy to commercialise the rapidly growing opportunity for renewable and low-carbon fuels
NFE, meanwhile, has completed the private offering of US$1.5 billion of senior secured notes due 2026 that bear interest at 6.50 per cent per annum. The company issued the bonds at an issue price equal to 100 per cent of principal.
It also closed a $200 million senior secured Revolving Credit Facility to provide additional liquidity
NFE’s Board of Directors approved a dividend of $0.10 per share, with a record date of June 1, 2021 and a payment date of June 11, 2021.