NFE financing gets approved

Hilary Reid
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NFE financing gets approved

Following the announcement of the deal between Sagicor Group Jamaica Limited (SJ) and New Fortress Energy Incorporated (NFE) last June, the US$285-million ($44.18-billion) bond raise for NFE South Power Holdings Limited (SPH) has received all regulatory approvals and will move on to phase two of the transaction.

SPH was formed in 2016 to own and operate the dual-fire combined heat and power plant (CHP) in Halse Hall, Clarendon. The facility opened in March 2020 at a cost of US$265 million, supplying power to the Jamaica Public Service Company Limited and steam to the Jamalco bauxite refinery under an 18.5-year agreement. It can produce up to 100 megawatts (MW) of electricity and approximately 50 MW of steam. SPH generated US$94.4 million ($14.63 billion) in revenue and had US$241.9 million in total assets in 2020.