NFE plans to sell the power plant at Jamalco alumina refinery

The integrated gas-to-power company, New Fortress Energy (NFE) has confirmed the plan to sell out its recently constructed power plant at the Jamalco alumina refinery complex in Clarendon, Jamaica, and also admitted the sale will be materialized within months.

However, the company as of now has not delivered any indication of the prospective buyer of the 150 MW plant, which was reportedly developed at an approx. cost of US$190 million and accomplished in early 2020.

The Jamalco power plant is among assets, which New Fortress wants to divest, as it needs cash to finance its expansion.

On 7^th May 2021, Wes Edens, the CEO said, on an investor call following the release of the company’s financial results: “We expect to close our first asset sale here this quarter.”

The global leader in the energy infrastructure business, New Fortress earlier announced at the top of this year that it was working on three mega-deals worth about $ 5.1 billion, inclusive of debt and equity. It also indicated then that it was planning to sell out its Jamalco asset, which supplies electricity to the bauxite refinery, and planning to dispose of the floating gasification ship called Nanook, and the operational Sergipe power plant located in Pernambuco, Brazil. Although, it seems to have reversed the decision on the sale of the Sergipe power plant.

Christopher Guinta, New Fortress Chief Financial Officer, said: “As Wes said, we believe that we can monetize over US$900 million in assets between the floating regasification unit FSRU in Brazil and the Jamalco power plant in Jamaica and aim to complete those transactions in the coming months.”