11:00 AM EDT, 03/20/2024 (MT Newswires) -- New Fortress Energy ( NFE ) said Wednesday it has completed its acquisition of a 1.6-gigawatt capacity reserve electricity contract from a portfolio company of private equity firm Denham Capital.

Under terms of the purchase agreement, New Fortress will issue a undisclosed amount of its series A convertible preferred stock to Denham Capital in addition to assuming selected liabilities of Denham's portfolio company.

New Fortress recently began construction on a generator facility next to its newly opened liquified natural gas terminal in Para, Brazil, to supply electricity for the 15-year capacity reserve contract. The 1.6-gigawatt facility is expected to begin operations by mid-2026, the company said.

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