New Fortress Energy Inc. (NASDAQ: NFE) has announced the sale of its assets and operations in Jamaica to Excelerate Energy, Inc. (NYSE: EE) for a substantial sum of $1.055 billion. This marks a significant move in NFE's strategy to optimize its asset portfolio and improve its financial flexibility. The transaction, expected to close in the second quarter of 2025, includes the sale of NFE’s LNG import terminal in Montego Bay, offshore floating storage and regasification terminal in Old Harbour, and a 150 MW combined heat and power plant in Clarendon, along with associated infrastructure.
Since entering Jamaica in 2016, NFE has been instrumental 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. The company has partnered with the government, local businesses, and communities to expand access to cleaner, more affordable, and reliable energy.
The sale of these assets is part of NFE’s effort to streamline its operations, and the proceeds from the transaction will be used to reduce corporate debt and for general corporate purposes. Wes Edens, Chairman and CEO of New Fortress Energy, stated, "This transaction with Excelerate is a meaningful step as we continue to streamline our operations. We are proud of the contributions we have made to Jamaica’s energy transition."
Excelerate Energy, on the other hand, expressed their commitment to providing reliable, sustainable, and cost-effective energy solutions to the people of Jamaica for many years to come. Steven Kobos, President and CEO of Excelerate Energy, mentioned that the acquisition will allow them to build on the success of NFE’s Jamaican assets, expanding and diversifying Excelerate’s global market presence.
This transaction was advised by Intrepid Financial Partners as the financial advisor and Vinson & Elkins LLP as the legal counsel to NFE.
As a global energy infrastructure company founded to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy, NFE’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship, and transform local industries and communities around the world.
Excelerate Energy, Inc., a U.S.-based LNG company, is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain, with the objective of delivering rapid-to-market and reliable LNG solutions to customers. The company offers a full range of services across the LNG value chain and has a global presence in several major cities around the world.
As a result of these announcements, the company's shares have moved -15.6% on the market, and are now trading at a price of $9.35. If you want to know more, read the company's complete 8-K report here.
