The benefits of liquefied natural gas
Across the world, countries are working to reduce harmful emissions while increasing access to affordable power. New Fortress Energy (NFE) and Jamaica are at the forefront of this revolution with the transition to natural gas and renewable energy.
Through NFE's historic partnership with Jamaica Public Service (JPS), within three years, the majority of Jamaica's electricity will be generated from clean and renewable energy, thanks to significant investments in modern energy infrastructure. Not only will electricity be more reliable and affordable, the switch from heavy fuels to natural gas generation will have the environmental impact of planting 10 million trees in Jamaica.
The introduction of liquefied natural gas (LNG) as clean and safe alternative fuel source is also transforming how companies are doing business in Jamaica. Safe to transport, LNG is an odourless and nontoxic fuel that offers significant energy efficiencies and emission reductions over alternative fossil-fuel sources. JPS, Red Stripe and the University of the West Indies are among the companies partnering with NFE to lower their energy costs and reduce their environmental impact by switching to LNG.
This isn't just a trend, it's transformation. Clean and renewable energy will power Jamaica's economy and improve Jamaica's environment for years to come.
About New Fortress Energy
New Fortress Energy was founded by the company's chairman, Wesley Edens, in 2014 with the vision to help lead the world's transition to clean and renewable energy by expanding the gas economy to new markets. Mr Edens has led all of NFE's business development activities, including construction of Florida's first LNG liquefaction plant in Miami and the development of Jamaica's first LNG receiving terminal and gas-fired power plant.
In 2015, NFE partnered with the Jamaica Public Service Company (JPS) and the Government of Jamaica to provide more affordable, clean, and reliable energy. With NFE's multimillion-dollar investment in terminals and infrastructure necessary to deliver liquefied natural gas (LNG), the country has made huge strides towards energy diversity, fuel security, flexible generation, and the introduction of more renewable energy. In just a few years, nearly all of Jamaica's electricity will be generated by environmentally friendly natural gas and renewable energy.
NFE's landmark partnership with Red Stripe, a part of the Heineken company, will make Red Stripe the very first commercial company in Jamaica to be powered by LNG. Red Stripe's transition to LNG will provide savings of €300,000 per annum and help the brewer meet its sustainability goals by reducing greenhouse gas emissions by approximately 6,000 tonnes per annum.
The company is also partnering with the University of the West Indies, Mona campus to provide LNG and ensure that there is a new generation of workers trained for the natural gas economy. The changes will be visible as soon as this October, and ultimately enable the campus to become energy independent in the coming year. The university's upgrade to its existing combined heat and power plant will reduce its energy costs by some J$52 million annually and reduce greenhouse gas emissions by 16 per cent.
NFE is committed to helping Jamaica become an international model for clean and renewable energy and ensure hundreds of jobs are created as the natural gas economy continues to grow.
BACKGROUND ABOUT NFE
New Fortress Energy develops, owns and operates a network of liquefaction production facilities across the United States.
- Built first LNG plant in South Florida.
- Several other plants under development, all with direct rail access to major ports.
- New Fortress Energy develops and operates LNG terminals and gas-fired power plants.
- Developed and financed Jamaica's first operational LNG terminal.
- Developing floating storage and regasification based terminal.
- Constructing first gas-fired cogeneration plant in the Caribbean with 147MW of capacity.
- New Fortress Energy is a pioneer in logistics and infrastructure solutions for commercial, industrial and transportation users.
- Provides end-to-end natural gas solutions to power generators, high horsepower transportation users (rail, marine, mining, trucking, aerospace) and industrial processors.
- Owns and operates one of the largest ISO container fleets in the Western Hemisphere.
- New Fortress Energy is managed by an affiliate of Fortress Investment Group LLC.
- The company has $72.4 billion in assets under management as of June 30, 2017.
- It has a long history of successfully investing in transportation and infrastructure assets.