Written by Zulfick Farzan
09 Mar, 2022 | 11:42 pm
New York (News 1st); New Fortress Energy Inc. (NASDAQ: NFE) issued a statement following a favorable ruling on Friday, March 4, by the Supreme Court of Sri Lanka.
Having considered the merits of all the fundamental rights petitions filed seeking to halt NFE’s development of natural gas power solutions in Sri Lanka, the Court fully dismissed the petitions without further hearing.
NFE and The Government of the Democratic Socialist Republic of Sri Lanka (“GOSL”) executed a definitive agreement in September 2021 whereby NFE will invest in energy infrastructure in Sri Lanka and develop a new LNG Terminal off the coast of Colombo.
NFE will have gas supply rights to the Kerawalapitya Power Complex and will initially provide GOSL an estimated 1.2 million gallons per day of LNG (~ 35,000 MMBtu) to supply both the currently operational 310 MW Yugadanavi Power Plant and an additional 350 MW (the Sobadanavi Power Plant) which is expected to commence operations in 2023. The definitive agreement is subject to customary conditions.
“We are pleased that the Court has dismissed these petitions, as NFE can now proceed with our plans to deliver cleaner fuels and more reliable, affordable power to Sri Lanka,” said Wes Edens, Chairman and CEO of New Fortress Energy. “We look forward to partnering with the Government of Sri Lanka by investing in modern energy infrastructure that paves the way for a sustainable and prosperous future for all Sri Lankans.”
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