New Fortress Energy announces two transactions that further solidify our commitment to providing affordable and sustainable energy solutions in Puerto Rico. The Company sold the emergency power plants it constructed on behalf of the U.S. Army Corps of Engineers in San Juan and Palo Seco to PREPA for $373M in cash, subject to certain items and conditions. These plants were developed by the Company in 2023 in rapid response to a competitive bid by the U.S. Army Corps of Engineers to provide emergency power in order to stabilize the power grid in Puerto Rico. They have become a cornerstone of Puerto Rico’s energy portfolio, delivering critical baseload power to stabilize the grid in the aftermath of recent natural disasters, and as contemplated, their ownership has been transferred to PREPA.
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