When the country of Sri Lanka needed to overhaul its energy needs and use, they turned to U.S.-based New Fortress Energy (NFE) for help. Sri Lanka is teaming up with NFE to build a Liquefied Natural Gas (LNG) terminal that will in turn fuel the country’s power plants.
New Fortress Energy (NFE) is owned by CEO Wes Edens. The company’s collaboration with Sri Lanka will supply natural gas to a power plant in Yugadanavi. In addition to NFE supplying the gas to the power plant, they are also discussing with the government to buy out the 40% stake the government currently has in the power plant.
The gas terminal in Sri Lanka isn’t being installed just to generate more business, but according to Wes Edens, the plan will create a sustainable energy business model and transfer Sri Lanka to a clean energy solution.
This project in the initial stages will serve as the fuel for the country’s power plants in the Kerawalapitiya Power Complex. The Liquefied Natural Gas terminal will be placed off the coast of Colombo to fuel the complex.
And with this inroad into Sri Lanka, it looks like New Fortress Energy (NFE) plans to stay. Wes Edens said, “This is the first of what we think will be a number of investments in power and infrastructure in the country.”
Sri Lanka’s government is busy pulling permits so that NFE can begin construction on the natural gas terminal, which is targeted for late 2022. And the other item on the table, that being the purchase of the stake in the power plant, is also being taken under consideration.