New Fortress Energy to Sell Miami LNG Facility
(P&GJ) — New Fortress Energy Inc. has agreed to sell its liquefaction and storage facility in Miami, Florida to a U.S. middle-market infrastructure fund. The transaction is expected to close in the third quarter of 2024 subject to customary terms and conditions.
The Miami Facility is a small-scale liquefaction facility with one liquefaction train capable of producing 8,300 MMBtu of LNG per day. The facility has three LNG storage tanks with a total capacity of approximately 1,000 cubic meters as well as two separate LNG transfer areas capable of serving both truck and rail. The facility is authorized to export up to 60,000 tonnes per annum of LNG to Free Trade Agreement (FTA) and Non-FTA countries for a 20-year term that began on February 5, 2016.
“The Miami Facility is the inaugural asset of NFE and we are proud to have built this best-in-class infrastructure. Today’s sale highlights our commitment and execution of our asset sale program, allowing us to reduce debt and recycle proceeds into high return downstream projects,” Wes Edens, chairman and CEO of New Fortress Energy, said.
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