New Fortress Energy Stock Rises on Puerto Rico Plant Deal News

Investing.com -- New Fortress Energy (NASDAQ:NFE) shares rose by 14% today, marking the largest daily increase since October. This surge follows news that a consortium involving the company has been selected to build a new natural gas-fired power plant in Puerto Rico.

The San Juan Daily Star reported that officials chose a consortium made up of Tropigas de Puerto Rico and Cratos Project Services for the construction of the 478-megawatt facility.

This development represents a significant step for New Fortress Energy, as the company expands its presence in Puerto Rico's energy infrastructure and potentially strengthens future revenue streams.

Although the company has not made an official statement regarding the selection of the consortium, the market's reaction underscores investors' confidence in New Fortress Energy's growth prospects.

The movement of the stock reflects increasing expectations regarding the company's role in meeting Puerto Rico's energy needs with the new plant.