New Fortress Leases 10 Turbines With 306 MW Capacity, Targets Stronger Liquidity
Key Facts
New Fortress Energy announced the lease of a portfolio of 10 power-generation turbines to a U.S. investment company, in a deal it said would boost earnings and its liquidity position. The portfolio has total capacity of 306 megawatts under ISO conditions when operating on natural gas, according to a company update issued in March 2026. The turbines are expected to be delivered in stages beginning in the fourth quarter of 2026, with delivery to be completed in the first quarter of 2027, the company said. New Fortress said, "The transaction is expected to add to the company's earnings and strengthen its liquidity position." This is the company's expectation for the deal's impact, not an announcement of realized financial results.
Company data show the deal is based on a deployable portfolio of 10 TM2500 turbines, with total capacity of 306 megawatts under ISO conditions using natural gas. The March update described the units as deployable, placing the new lease in the context of turning the available portfolio into leasing activity. The portfolio's stated capacity is close to its full total capacity of 306 megawatts, according to the figures in the update. The available announcement summary did not provide a financial value for the contract or name the leasing company, so further details on expected revenue from this particular deal are unavailable.
The operating data in the March update date back to the first quarter of 2026, when average operating hours were 2,691 hours per unit and average starts were 502 per unit. The update said the units were manufactured in 2014. These figures provide indicators of the turbines' operating history and manufacturing age, alongside the capacity the company listed for the portfolio. The deal announcement did not link these indicators to delivery dates or a specific financial impact.
The deal follows a comprehensive restructuring of the company's funded debt, completed on September 11, 2026, which included splitting the company into BrazilCo and CoreCo, according to its filing with the U.S. Securities and Exchange Commission. As part of the restructuring, CoreCo was issued about $571.3 million in secured term loans, and the company raised $136.5 million in new financing. These financial steps place the lease announcement within a period in which the company is continuing to reorganize its financial structure and develop its turbine portfolio. In materials presented in March, the company included an assumption of $120 million in annual revenue from turbine leasing beginning in October 2026. That was a prior forecast, separate from the current deal, and does not represent revenue realized from it.
In March, the company said its audited financial statements for 2023 and 2024 and its quarterly reports for 2024 and 2025 were no longer reliable because of errors, and that it would restate them. This earlier disclosure forms part of the backdrop to the company's financial position, alongside the restructuring and the new deal. In trading on October 28, 2026, NFE shares closed at $3.66, according to EL7 data. Turbine deliveries are expected to begin in the fourth quarter of 2026 and be completed in the first quarter of 2027.