New Fortress Energy Bolsters Commitment to Sustainable Energy in Puerto Rico with Transformative Transactions
New York, NY - New Fortress Energy Inc. (NASDAQ: NFE) proudly announces two game-changing transactions that underline its unwavering dedication to providing affordable and sustainable energy solutions in Puerto Rico. In a significant stride towards this goal, the Company has successfully sold the emergency power plants it constructed on behalf of the U.S. Army Corps of Engineers in San Juan and Palo Seco to the Puerto Rico Electric Power Authority (PREPA) for a cash sum of $373 million, subject to specific terms and conditions. These power plants, developed by New Fortress Energy in 2023, stand as a testament to the Company’s commitment to efficiently meet energy demands during crucial moments.
The divestment of these emergency power plants, which were constructed with admirable expedience, showcases New Fortress Energy’s dedication to assisting Puerto Rico in attaining energy security and stability. By empowering PREPA, the Company is strengthening the region’s resilience and bolstering its capacity to handle unprecedented events with reliable energy solutions.
The sale of these power plants exemplifies New Fortress Energy’s drive to deploy state-of-the-art technology and infrastructure, thereby ensuring a sustainable energy future for Puerto Rico. The Company recognizes the importance of sustainable practices and is relentless in its pursuit of creating a greener and cleaner environment for the island. Through these transformative transactions, New Fortress Energy continues to pave the way for a future powered by renewable and abundant resources.
Energy accessibility and affordability have long been pressing issues for Puerto Rico, and New Fortress Energy recognizes the urgency in addressing these challenges. The divestment of these emergency power plants represents a significant milestone in the Company’s mission to provide energy solutions that are not only reliable but also cost-effective. By collaborating with PREPA, New Fortress Energy strives to bring about a positive transformation in the energy landscape of Puerto Rico, ultimately benefiting both consumers and the environment.
In conclusion, New Fortress Energy’s recent transactions in Puerto Rico mark a major stride towards achieving its mission of delivering affordable and sustainable energy solutions. The sale of the emergency power plants to PREPA stands as an exemplary demonstration of the Company’s commitment to supporting the island’s energy needs during critical moments. By combining technological innovation and environmental stewardship, New Fortress Energy continues to drive Puerto Rico towards a brighter and cleaner energy future.
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