New Fortress to Sell Jamaica LNG Assets to Excelerate for $1.1 Billion
(P&GJ) — New Fortress Energy Inc. (NFE) has agreed to sell its Jamaican assets and operations to Excelerate Energy Inc. in a $1.055 billion deal set to close in the second quarter of 2025.
Proceeds from the sale will go toward reducing NFE’s corporate debt and supporting general corporate activities. The transaction marks a strategic move for NFE as it looks to optimize its asset portfolio and increase financial flexibility.
Included in the deal are NFE’s LNG import terminal in Montego Bay, its offshore floating storage and regasification unit (FSRU) in Old Harbour, and a 150-megawatt combined heat and power plant in Clarendon, along with associated infrastructure.
“This transaction with Excelerate is a meaningful step as we continue to streamline our operations,” said Wes Edens, Chairman and CEO of New Fortress Energy. “We are proud of the contributions we have made to Jamaica’s energy transition. Our Jamaican assets and employees are world-class and have played a significant role in improving both the cost and reliability of energy on the island, and we are confident that Excelerate will continue to drive meaningful progress for Jamaica’s energy future.”
NFE has operated in Jamaica since 2016, working with the government and private sector to expand access to cleaner and more reliable energy. The company’s infrastructure investments have supported the country’s shift away from oil-based fuels and toward more sustainable sources.
“Excelerate is committed to connecting affordable LNG supply to downstream demand centers around the world,” said Steven Kobos, president and CEO of Excelerate Energy. “This acquisition will allow us to provide reliable, sustainable, and cost-effective energy solutions to the people of Jamaica for many years to come, while also expanding and diversifying Excelerate’s global market presence. Our focus in the coming months will be on working with the government and New Fortress Energy to ensure the transition is as seamless as possible.”
Intrepid Financial Partners served as financial advisor to NFE. Legal counsel was provided by Vinson & Elkins LLP.
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