New Fortress Energy achieves first fire at Brazil power plant

NEW YORK - New Fortress Energy Inc. (NASDAQ:NFE), a $700 million market cap energy infrastructure company currently trading below InvestingPro’s Fair Value, announced Monday it has achieved first fire at its 624 MW CELBA 2 Power Plant in northern Brazil, a key operational milestone toward commercial operations expected later this year.

The first fire marks the successful initial ignition of the plant’s gas turbines and begins the hot commissioning process. Once operational, the facility will provide power to the region through NFE’s integrated gas and power infrastructure in Barcarena.

"First fire at CELBA 2 represents another significant achievement for our operations in Brazil," said Jeremy Dawson, Managing Director at New Fortress Energy, according to a company press release.

The company’s Barcarena terminal has a total of 2.2 GW of power under development, including the CELBA 2 Power Plant and the 1.6 GW PortoCem Power Plant. The latter project is approximately 75% complete and expected to begin operations by August 2026.

Leandro Cunha, Managing Director at New Fortress Energy, stated the company is "well positioned to participate in Brazil’s upcoming power auctions scheduled for March."

New Fortress Energy owns and operates natural gas and liquefied natural gas infrastructure and an integrated fleet of ships and logistics assets to deliver energy solutions to global markets.

In other recent news, New Fortress Energy Inc. has reported significant developments impacting its operations and financial standing. The company announced a substantial net loss of $557 million for the second quarter of 2025, a stark increase from the $197.4 million loss in the previous quarter, largely due to non-cash impairments of assets and goodwill totaling $699 million. However, this was partially offset by a $473 million gain from the sale of its Jamaican operations. In a strategic move, New Fortress Energy has reached a 7-year liquefied natural gas (LNG) supply agreement with Puerto Rico, pending approval from the Financial Oversight and Management Board of Puerto Rico. This agreement aims to supply natural gas to Puerto Rico’s power system, replacing costlier and higher-emission liquid fuels.

Additionally, New Fortress Energy is in discussions to acquire more LNG cargoes for its import terminals across the Americas, as reported by Bloomberg. The company is also undergoing a strategic review to explore alternatives to improve its capital structure amid financial challenges. Furthermore, New Fortress Energy received a Nasdaq non-compliance notice for failing to file its quarterly report for the period ending June 30, 2025. These developments highlight a period of significant transition and challenge for the company.

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