New Fortress Energy Finalizes Contract with Government of Sri Lanka for LNG Terminal, Investment into 310 MW Yugadanavi Power Plant, and Gas Supply to Country’s Power Plants
New Fortress will acquire a 40% ownership stake in WCP and plans to build an offshore liquified natural gas (LNG) receiving, storage and regasification terminal located off the coast of
The 310 MW Yugadanavi Power Plant currently has a long-term power purchase agreement to provide electricity to the national grid that extends through 2035. This power plant consists of General Electric turbines and is configured to run on natural gas in combined cycle.
“This is a significant milestone for Sri Lanka’s transition to cleaner fuels and more reliable, affordable power,” said
The Terminal is expected to begin operations in 2023.
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This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “intends,” “expects,” “subject to,” “plans” or “anticipates” or the negative of these terms or other comparable terminology. Forward looking statements include: our construction of the offshore LNG terminal; the location of the terminal off the coast of
Specific factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: the development, construction or commissioning schedule may be longer than we expect; the funding of the project may not be possible on the terms we expect; we will be unable to operationalize our plans for the rights and key permits to develop the LNG terminal; and that we will not be able to provide electricity and natural gas to customers as we currently expect. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of NFE’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results.
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