US-based energy company New Fortress Energy (NFE) has signed agreements to secure up to $575m financing to complete the construction of its 630MW Barcarena power plant in Brazil.

NFE will receive funding from the Brazilian development bank, Banco Nacional de Desenvolvimento Econômico e Social (BNDES), Lumina Capital Management, and BTG Asset Management (BTG).

Barcarena power plant is being developed by Mitsubishi and Toyo Setal, under a fixed-price, date-certain EPC contract, and is around 37% complete to date.

It is located adjacent to NFE’s LNG import terminal at the mouth of the Amazon River and is anticipated to commence operations in the third quarter of 2025.

The power plant is backed by a 25-year power purchase agreement (PPA) with several electricity distribution companies in Brazil.

New Fortress Energy managing director Andrew Dete said: “We are pleased to work with our partners at BNDES, Lumina, and BTG, as together we achieved a significant milestone for our business in Brazil by closing asset-based financing at attractive rates to fully fund our 630MW Barcarena power plant.

“This power plant will contribute to our portfolio of contracted, long-term cash flows in Barcarena beginning in the third quarter of 2025.

“This will follow contracted cash flows at our Barcarena terminal from Norsk Hydro and Gás do Pará that commence at year-end 2023.”

NFE said that its planned conversion of the Energos Celsius from an LNG carrier to a Floating Storage and Regasification Unit (FSRU) will be completed on schedule, this month.

Energos Celsius is a liquified natural gas (LNG) tanker, the company chartered from Energos Infrastructure on a long-term basis.

Its conversion will be completed before its Barcarena import terminal starts delivery and first gas to customers at the end of this year, said the US energy company.

Recently, NFE signed an agreement to charter the Energos Winter FSRU from Brazilian state-owned oil and gas company Petrobras, starting in December this year.

Energos Winter will be immediately deployed to Terminal Gas Sul (TGS), the company’s newest LNG import terminal in Santa Catarina, Brazil.

TGS is expected to begin commercial operations ahead of schedule in January 2024.