January 21, 2021
Investor Update
- Executive Summary
- FAQ: How will we pay for this?
- FAQ: How does this fit with capital-light business model?
- FAQ: Why Brazil?
- FAQ: Why buy ships vs. leasing?
- FAQ: How does FLNG fit into business model?
- Appendix
2
Executive Summary
Announced 3 separate transactions for $5.1bn equivalent enterprise value(1)
- Acquiring Hygo Energy Transition Ltd.
- Private LNG-to-power business
- 3 terminals & power plants in Brazil(2)
- Includes country's largest thermal power plant
- Includes 3 FSRUs(3)
- Currently a 50/50 JV between Golar LNG Ltd. & Stonepeak Infrastructure Partners
- Suape Terminal
- Purchasing 288MW of PPAs in Brazil(4)
- Moving PPAs to Suape port
- Developing terminal & power plant
- Acquiring Golar LNG Partners LP
- Publicly traded MLP
- 6 FSRUs, 4 LNGCs, 1 FLNG
- Owned 32% by Golar LNG Ltd.
Adds 4 terminals to our portfolio
Consideration
$2.18bn for 100% of Hygo
- $580mm cash
- $1.6bn of NFE shares
- Leave current asset-level debt in place
$1.5bn for 100% of GMLP
- All cash
- Assume FLNG debt of $389mm & $138mm preferred equity
- Refinance remaining debt of $1.4bn
Approximately ~$5 billion enterprise value; expected closing in 1-4 months(5)
3
Executive Summary
Our business is simple
We sell power & natural gas in developing countries around the world by providing capital, infrastructure, assets & expertise
Objective #1: Democratize access to power
Global Electricity Access
MWh per Capita
> 10 MWh | 5-10 MWh | < 5 MWh |
Over a billion people lack electricity
We are quickly expanding energy access where it's needed most to meet today's acute power needs
Objective #2: Provide cleaner, cheaper energy
Natural gas:
30%
fewer emissions
vs. diesel & heavy fuel oil(6)
47%
cheaper than diesel over last 5 years (3)
Objective #3: Reach zero emissions
The world's energy system needs to be transformed
- Find the cheapest zero-emission hydrogen
- Replace natural gas with hydrogen in our operations
- Become leader in fossil-free energy transition
4
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Disclaimer
New Fortress Energy LLC published this content on 21 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 January 2021 14:57:07 UTC