New Fortress Energy Inc. announced that it has finalized and executed an engineering, procurement and construction contract (the "EPC Contract") with a consortium formed by Mitsubishi Power Americas and Andrade Gutierrez (the "MHI/AG Consortium") for a 1.6 GW power plant to be built adjacent to the Barcarena LNG terminal. NFE has also issued full Notice to Proceed to the MHI/AG Consortium to begin construction work under the contract. The power plant will provide firm power capacity under the previously announced 15-year Capacity Reserve Contract ("Agreement") that NFE acquired from Denham Capital and CEIBA Energy, which closed in March 2024.

Under the terms of the fixed-price, date- certain EPC Contract, construction activities for the thermal power plant are already in progress with commercial operations projected to commence no later than August 2026. The power plant will operate under the 15-year Agreement with the Brazilian Chamber of Electric Energy Commercialization. In First Quarter 2024, NFE completed construction and commissioning of both the Barcarena and Santa Catarina "TGS" terminals.

Along with the existing 630 MW power plant and 25-year agreement, the Barcarena LNG terminals will now host and supply LNG to more than 2,200 MWs of power capacity owned by NFE, as well as supply natural gas to Norsk Hydro's Alunorte alumina refinery under a 15-year contract which commenced in First Quarter 2024. This 1.6 GW power plant is a historic project for Brazil. It will allow for an efficient energy transition and ensure the reliability of the national electrical system.