CHUNYIP WONG/E+ via Getty Images
New Fortress Energy (NASDAQ:NFE) has agreed to halt its proposed $800M Wyalusing liquefied natural gas plant in Pennsylvania, at least for now, Associated Press reports, in a deal with environmental groups that filed suit seeking to overturn the company’s air emissions permit.
Under the settlement, New Fortress reportedly agreed to halt construction and allow its air emissions permit from the Pennsylvania Department of Environmental Protection to lapse; if the company wants to restart the project, it would need to begin the state permitting process over again.
Environmental groups had raised concerns about air and water pollution near the proposed facility, as well as the risk of an accident during truck or train transport to a proposed New Fortress export terminal in New Jersey along the Delaware River.
New Fortress had obtained a special federal permit from the Trump administration to move the liquefied gas by rail; the company applied for a renewal of the permit in November.
New Fortress is expected to generate at least $1B in annual free cash flow by 2023, Marel writes in a bullish analysis published on Seeking Alpha.
