Wes Edens is a leading investor and manager of private equity and the corporate world. Edens has been at the forefront of growth and development in many world-class companies. One of the companies he promoted to economic success is the New Fortress Energy (NFE), a company based in the U.S. building the first terminal for Liquefied Natural Gas (LNG).
Recently, Sri Lanka has stepped up its efforts and has recently agreed with New Fortress Energy. The newly signed agreement will help Wes Edens and NFE start the process and pave the way for constructing a new offshore LNG registration, receiving, and storage facility. The project will begin at the coast of Colombo. It will provide natural gas to the nation’s power plants, specifically in Kerawalapitiya Power Complex.
NFE stated in a press release that the facility would provide a natural gas 300-megawatt (MW) plant called Yugadanavi Power Plant (YPP). It further noted that negotiations on acquiring the government’s 40% stake in the company owning the power station are underway. According to the Chairman and CEO of NFE, Wes Edens, the project will foster the clean energy transition in Sri Lanka and encourage sustainable growth for all areas of the economy. He says they are happy to help Sri Lanka transition into using affordable, reliable, and clean energy.
Wes Edens adds that this is the first project for the multiple investments plan in the country’s infrastructure and power and infrastructure. According to the contract, the government will handle the process of obtaining permits and other entitlements. Then NFE will start the terminal’s construction, and the operations will probably begin by mid or late 2022. However, the first stages of the project are already in motion. It includes finalizing purchasing the government’s interest in the power plant company and filling the final documentation.
Learn more about Wes: https://en.wikipedia.org/wiki/Wes_Edens