{"id":2887,"date":"2021-07-16T20:56:57","date_gmt":"2021-07-17T00:56:57","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2887"},"modified":"2025-07-01T20:57:48","modified_gmt":"2025-07-02T00:57:48","slug":"sage-power-limited-3","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/sage-power-limited-3\/","title":{"rendered":"Sage Power Limited"},"content":{"rendered":"<h3>RATING DRIVERS<\/h3>\n<p class=\"badge\">Supporting Factors:<\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 8.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Stable and predictable revenue stream underpinned by long-term contracts with strategically important Jamaican entities<\/span><\/li>\n<li><span style=\"font-size: 8.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">The underlying asset consists of a modern, efficient electricity and steam generating plant, with good operating efficiency<\/span><\/li>\n<li><span style=\"font-size: 8.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Adequate debt servicing capacity based on stable lease revenue<\/span><\/li>\n<li><span style=\"font-size: 8.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">The transaction structure provides adequate protection to investors<\/span><\/li>\n<\/ul>\n<p class=\"badge\"><span style=\"font-family: 'book antiqua', palatino;\"><strong><span style=\"text-decoration: underline;\">Constraining Factors:<\/span><\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 8.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">High leverage of Parent can hamper timeliness of financial support, if needed<\/span><\/li>\n<li><span style=\"font-size: 8.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Unproven track record of consistent plant performance<\/span><\/li>\n<\/ul>\n<p class=\"badge\"><span style=\"font-family: 'book antiqua', palatino;\"><strong><span style=\"text-decoration: underline;\">Rating Sensitivity Factors<\/span><\/strong><\/span><\/p>\n<p><span style=\"text-decoration: underline; font-family: 'book antiqua', palatino;\"><strong>Factors that could, individually or collectively lead to an improvement in the ratings and\/ or outlook include:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 8.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Successful operations of the plant over the next two to three years, in accordance with design specifications and on time compliance with the PPA and SSA deliverables over the period<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong><span style=\"text-decoration: underline;\">Factors that could, individually or collectively lead to a lowering of the ratings and\/or outlook include:<\/span><\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 8.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Deterioration in the financial performance of NFE SPH which could possibly hamper lease payments.<\/span><\/li>\n<li><span style=\"font-size: 8.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Deterioration in the credit worthiness of the guarantor (NFE), impacting its ability to deliver in a timely manner any shortfall in lease payments if so required<\/span><\/li>\n<li><span style=\"font-size: 8.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Breach in contract from the O&amp;M counterparty, Caribbean Blue Skies Energy, that may affect operations.<\/span><\/li>\n<li><span style=\"font-size: 8.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Any material litigation which may affect NFE SPH or NFE Inc<\/span><\/li>\n<li><span style=\"font-size: 8.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Breach of any of the bond covenants<\/span><\/li>\n<li><span style=\"font-size: 8.5pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">A material reduction in the CHP plant\u2019s availability which would impair its ability to deliver output stipulated in the PPA and SSA<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><strong style=\"font-family: 'book antiqua', palatino; font-style: italic;\">COMPANY BACKGROUND<\/strong><\/span><\/p>\n<p style=\"margin-bottom: 0cm; text-align: justify; line-height: 120%;\"><span style=\"font-family: 'Book Antiqua', serif;\">New Fortress Energy Incorporated (NFE or the Parent)<a id=\"ftnref1\" style=\"vertical-align: super;\" href=\"#ftn1\" name=\"_ftnref1\"><sup>[1]<\/sup><\/a>, founded in 2014 in Delaware, USA, is a gas-to-power infrastructure business which focuses on converting existing power generation to run on natural gas, building new gas-fired power generation plants, operating downstream gas-to-power assets, and supplying such assets with natural gas. NFE is a publicly traded company on the NASDAQ exchange with a market capitalization of approximately US $8.6 billion<a id=\"ftnref2\" style=\"vertical-align: super;\" href=\"#ftn2\" name=\"_ftnref2\"><sup>[2]<\/sup><\/a>. NFE has been operating in the region since 2016, having established an onshore storage and regasification facility in Montego Bay, Jamaica in 2016, an offshore floating storage and regasification facility in Old Harbour, Jamaica in 2019 and an onshore facility in San Juan, Puerto Rico in 2020<\/span> <span style=\"font-family: 'Book Antiqua', serif;\">to supply on-island industrial, commercial and transportation customers with liquefied natural gas (LNG). <\/span><span style=\"font-family: 'Book Antiqua', serif;\">Furthermore, NFE completed the acquisitions of Hygo Energy Transition and Golar MLP, totaling US $5 billion, significantly increasing NFE\u2019s global portfolio of critical infrastructure assets. Currently, NFE has ten facilities operational or under active development. This global portfolio of assets positions NFE to acquire and supply LNG to customers in a number of attractive markets around the world. <\/span><span style=\"font-family: 'Book Antiqua', serif;\">In 2016, NFE incorporated a subsidiary NFE South Power Holdings Limited (NFE SPH) in Jamaica to own a combined heat and power plant (CHP Plant) and associated permits, entitlements, operational agreements and commercial agreements.<\/span><\/p>\n<p style=\"text-align: justify;\"><i><span style=\"font-size: 10pt; line-height: 150%; font-family: 'Book Antiqua', serif;\">Analytical Contacts:<\/span><\/i><\/p>\n<p><span style=\"font-family: 'Book Antiqua', serif; color: black; font-size: 8pt;\">Nikkel Collymore<\/span><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Tel: 1-868-627-8879 Ext. 240<\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">E-mail: <a href=\"mailto:ncollymore@caricris.com\">ncollymore@caricris.com<\/a><\/span><\/i><\/p>\n<p><span style=\"font-family: 'Book Antiqua', serif; color: black; font-size: 8pt;\">Keith Hamlet<\/span><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Tel: 1-868-627-8879 Ext. 244<\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Mobile: 1-868-487-8356<\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">E-mail: <a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a><\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Website: <\/span><a href=\"http:\/\/www.caricris.com\/\"><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">www.caricris.com<\/span><\/a><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Email: <a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/span><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><span style=\"font-family: 'book antiqua', palatino; font-size: 8pt;\">Disclaimer:<\/span><span style=\"font-size: 7.5pt; line-height: 115%; font-family: 'Book Antiqua', serif;\"> CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable.\u00a0 However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.\u00a0 No part of this report may be published \/ reproduced in any form without CariCRIS\u2019 prior written approval.\u00a0 CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers\/ users\/ transmitters\/ distributors of this product<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors: Stable and predictable revenue stream underpinned by long-term contracts with strategically important Jamaican entities The underlying asset consists of a modern, efficient electricity and steam generating plant, with good operating efficiency Adequate debt servicing capacity based on stable lease revenue The transaction structure provides adequate protection to investors Constraining Factors: High [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"table_tags":[],"class_list":["post-2887","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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