Fortress Transportation and Infrastructure Investors LLC Announces Execution of Long Ridge Energy Terminal Fixed Price Power ...
February 19 2019 - 6:50AM
Fortress Transportation and Infrastructure Investors LLC
(NYSE:FTAI; the "Company") has made a final investment decision to
move forward with its 485 megawatt power plant project at the Long
Ridge Energy Terminal. On Friday, February 15, 2019, an affiliate
of FTAI executed long-term, fixed price power sale agreements with
investment grade counterparties. In addition, the project closed
$588 million of non-recourse financing and executed an EPC
agreement with Kiewit Power Constructors Co. and a power generation
equipment purchase agreement with the General Electric Company.
Commenting on the closing, Joe Adams, FTAI’s
CEO, said, “This is the culmination of a lot of hard work by our
team and I’m very proud of this accomplishment. During this process
we have had great cooperation from Ohio officials at all levels of
state and local government. This project will be a source of highly
efficient, low cost energy for Ohio and a source of new jobs for
the community of Hannibal, Ohio. Construction will commence
immediately and we expect per our fixed price/date certain contract
that the plant will be operational by November 2021.”
The FTAI fourth quarter and full year earnings
conference call is scheduled for February 28, 2019 at 8:00am EST
and may be accessed by dialing (877) 447-5636 (from within the
U.S.) or (615) 247-0080 (from outside of the U.S.) ten minutes
prior to the scheduled start of the call; please reference "FTAI
Fourth Quarter 2018 Earnings Call."
A simultaneous webcast of the conference call
will be available to the public on a listen-only basis at
www.ftandi.com. Please allow extra time prior to the call to visit
the site and download the necessary software required to listen to
the internet broadcast.
About Fortress Transportation and
Infrastructure Investors LLC
Fortress Transportation and Infrastructure
Investors LLC (“FTAI”) owns and acquires high quality
infrastructure and equipment that is essential for the
transportation of goods and people globally. FTAI targets assets
that, on a combined basis, generate strong and stable cash flows
with the potential for earnings growth and asset appreciation. FTAI
is externally managed by an affiliate of Fortress Investment Group
LLC, a leading, diversified global investment firm.
About Long Ridge Energy
Terminal
The Long Ridge Energy Terminal is the
Appalachian Basin’s leading multimodal energy terminal with a 485
MW power plant under development, nearly 300 acres of flat land,
two barge docks on the Ohio River, a unit train capable loop track
and direct access to Ohio Route 7. Long Ridge is a subsidiary of
Fortress Transportation and Infrastructure Investors LLC, which
trades on the New York Stock Exchange under the ticker FTAI. For
more information on Long Ridge, please visit
www.longridgeenergy.com.
For further information, please
contact:
Alan AndreiniInvestor RelationsFortress
Transportation and Infrastructure Investors LLC(212)
798-6128aandreini@fortress.com
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