New Fortress Energy powers up second Puerto Rico plant

New Fortress Energy Inc. (NASDAQ: NFE) revealed its latest achievement on Wednesday, September 27th: the successful launch of its second U.S. government-sponsored power plant situated in San Juan, Puerto Rico. With an impressive 200+ MW capacity, this new facility mirrors the Palo Seco installation, a 150 MW facility commissioned in June. Both these energy assets in Puerto Rico are under multi-year agreements with the U.S. government, ensuring seamless operations as the government manages fuel, logistics, and the complete power framework.

The speed at which these power plants have been constructed and set in motion has been noteworthy. “Seeing these two power plants rise and operate in such a short span is truly commendable,” stated Brannen McElmurray, CEO of Genera PR LLC, a branch of New Fortress Energy. This sentiment was echoed by Wes Edens, Chairman and CEO of New Fortress Energy, who emphasized the essential role these plants play in reinforcing the Puerto Rico power grid.

However, Puerto Rico wasn’t the only highlight for NFE in September. On September 26th, the last rig of FLNG 1, labeled Pioneer II, embarked on its journey from the Kiewit shipyard located in Ingleside, Texas. This final piece is set to unite with the other FLNG 1 rigs in Altamira, eyeing full installation and commissioning either by late October or early November.

Reflecting on these significant milestones, Wes Edens reiterated New Fortress Energy’s pivotal position in the energy landscape. “With core infrastructure projects like the San Juan and Palo Seco plants now operational and adding considerable value, NFE stands at a transformative juncture. After years of diligent buildout, the focus now pivots to generating cash, reducing debt, and exploring organic growth avenues,” Edens concluded.