New Fortress Energy Secures LNG Supply Through 2027

New Fortress Energy release

NEW YORK--(BUSINESS WIRE)--Jul. 6, 2021-- New Fortress Energy Inc. (NASDAQ: NFE) (“NFE”) announced today that it has reached an agreement for liquefied natural gas (LNG) supply that will cover the remaining volumes for NFE’s existing natural gas and electricity businesses through the end of 2027.

“This transaction secures our LNG supply for the next several years across our existing portfolio of terminals and customers,” said Wes Edens, Chairman and CEO of NFE. “With commercial operations expected to begin within days in Mexico and next month in Nicaragua, this will ensure we provide our customers a reliable and affordable supply of cleaner energy. We will look to secure additional volumes later this year ahead of commencing our Brazil operations and as we continue to grow our customer base across all our terminals.”

With this gas supply in place, NFE will have purchased LNG volumes equal to approximately 100% of its expected needs for its current portfolio of five terminals and assets across the Caribbean, Mexico and Central America for the next six years. The Company anticipates securing additional LNG supply volumes later in 2021 to support NFE’s four terminals in Brazil, which are all expected to be operational in 2022.

“We executed our strategy to neutralize LNG exposure by securing LNG supply contracts that meet our downstream needs,” said Kasciandro Senem, LNG Managing Director of NFE. “Our next step is to extend this strategy to our Brazilian terminals. This work is well under way and will be executed in coordination with NFE’s downstream developments in the country.”

This agreement is subject to customary documentation.