New Fortress Energy announces sale of Jamaican assets and operations to Excelerate Energy for US $1.055 billion




New Fortress Energy Inc. announced today, March 27, 2025, that it has finalized a transaction with Excelerate Energy, Inc. to sell its assets and operations in Jamaica for $1.055 billion. Proceeds from the transaction will be used to reduce NFE’s corporate debt and for general corporate purposes.

The company said in its news release, “ This transaction is expected to close in the second quarter of 2025 and marks a key step in NFE’s strategy to optimize its asset portfolio and enhance financial flexibility.”

New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets.

The transaction includes the sale of NFE’s LNG import terminal in Montego Bay, offshore floating storage and regasification terminal in Old Harbour, and 150 MW Combined Heat and Power Plant in Clarendon, along with the associated infrastructure.

Since entering Jamaica in 2016, NFE has partnered with the government, local businesses, and communities to expand access to cleaner, more affordable, and reliable energy. NFE’s investments have been critical in driving the country’s transition to a more sustainable energy future—generating hundreds of millions of dollars in fuel savings, reducing the island’s reliance on oil-based fuels, and supporting the growth of renewable energy.

"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."

"Excelerate is committed to connecting affordable LNG supply to downstream demand centers around the world. We are pleased to have the opportunity to build on the success of NFE’s Jamaican assets," 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 acted as financial advisor and Vinson & Elkins LLP acted as legal counsel to NFE.

 

Caribbean Money Daily

 

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