Jamaica Sale Completion
The sale was completed for $1.055 billion, resulting in net proceeds of $800 million and a gain of $430 million. This transaction exceeded initial forecasts.
Strong Liquidity Position
The company ended Q1 with $448 million in cash and a pro forma liquidity of over $1.1 billion after the Jamaica sale. This positions the company well for near-term financial obligations.
Brazil Project Advancements
Significant progress has been made on power plants in Brazil, with CELBA at 95% completion and PortoCem at 54%. Both projects are on track for commercial operation dates in late 2025 and mid-2026, respectively.
High-Value Long-Term Contracts
The company has secured long-term contracts in Brazil, providing stable and predictable cash flows, particularly with Norsk Hydro and CELBA 2, which are inflation-linked and protected from gas price volatility.
EBITDA Guidance Increase
EBITDA plus gains are expected to be $1.25 billion to $1.5 billion for the year, which is higher than the previous estimate.