New York, NY’ New Fortress Energy Inc. (NASDAQ: NFE) has announced a series of significant milestones involving its Floating Liquefied Natural Gas (FLNG) assets located offshore in Altamira, Mexico. These developments signify important steps in the company’s strategy to expand its LNG export capabilities and infrastructure.
DOE Authorization for LNG Export to Non-FTA Countries’
New Fortress Energy has received long-term authorization from the United States Department of Energy (DOE) to export up to approximately 1.4 million tonnes per annum (MTPA) of LNG to non-Free Trade Agreement (non-FTA) countries. This authorization applies to its Fast LNG 1 (FLNG 1) asset and is valid for a duration of five years. This approval is in addition to an earlier authorization granted by the DOE for LNG exports to Free Trade Agreement (FTA) countries. FLNG 1, located offshore Altamira, Mexico, is now positioned to expand its reach to global markets, enhancing the company’s competitive edge in the LNG sector.
Operational Update on FLNG 1’
New Fortress Energy provided an operational update on its initial FLNG asset, FLNG 1. The unit is performing as expected and is nearing the completion of its commissioning phase. The commissioning process and preproduction run are scheduled to conclude on Friday, August 9th. Upon completion, the first partial LNG cargo will be loaded onto the carrier Energos Princess for delivery to New Fortress Energy’s terminal in La Paz, Mexico. The successful launch of this cargo marks a critical milestone as FLNG 1 enters into full production mode.
Securing $700 Million Loan for FLNG 2’
In a related development, New Fortress Energy has successfully closed a $700 million loan to finance the construction of its second FLNG unit, FLNG 2. This follows the successful production milestones achieved by FLNG 1. The loan will fully fund the development of FLNG 2, which is being undertaken in partnership with Comisión Federal de Electricidad, Mexico’s state-owned utility company. FLNG 2’s development underscores New Fortress Energy’s commitment to investing in advanced LNG infrastructure to meet growing energy demands.
With FLNG 1 poised to deliver its first cargo in August and FLNG 2’s development fully financed, New Fortress Energy continues to solidify its position as a key player in the global LNG market. The company’s advancements support its mission to provide cleaner energy solutions worldwide.
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