New Fortress completes Jamaica assets sale to Excelerate for $1.05bn

New Fortress Energy has completed the merchantability of its Jamaican assets and operations to Excelerate Energy for $1.05bn.

The assets progressive successful the woody comprise New Fortress Energy's LNG import terminal successful Montego Bay, an offshore floating retention and regasification terminal successful Old Harbour, and a 150MW combined vigor and powerfulness works successful Clarendon.

New Fortress and Excelerate Energy signed a definitive statement for the transaction successful March 2025.

The transaction aims to bolster Excelerate's presumption successful the portion portion allowing New Fortress to trim its firm debt.

Proceeds from the merchantability volition beryllium directed towards reducing New Fortress Energy's revolving recognition installation by $270m and to wage disconnected $55m of a Term Loan A facility, with immoderate remaining funds being added to the company’s currency reserves connected the equilibrium sheet.

New Fortress Energy CEO and president Wes Edens said: “The closing of the merchantability of our Jamaican assets to Excelerate is simply a important milestone for the institution arsenic we streamline our operations and wage down firm indebtedness done plus sales.

“NFE has made a affirmative interaction connected Jamaica’s vigor transition, and we are arrogant of the contributions our world-class employees and assets person made successful improving vigor costs and reliability connected the island. We are assured that Excelerate volition proceed NFE’s imaginativeness of providing reliable and cost-effective vigor to Jamaica and proceed to thrust important advancement towards improving Jamaica’s vigor future.”

To concern the acquisition, Excelerate Energy raised astir $1bn done equity and indebtedness financings.

In the 2nd 4th of 2025, the institution completed an equity offering of 8 cardinal shares of Class A communal banal astatine $26.5 per share, generating $212m successful gross proceeds, including the greenshoe option.

Additionally, Excelerate closed an $800m offering of 8% elder unsecured notes owed successful 2030.

Excelerate CEO and president Steven Kobos said: “The closing of this acquisition represents a important measurement guardant successful the execution of Excelerate’s downstream enlargement strategy. These assets align seamlessly with our operational expertise and semipermanent LNG proviso agreements, portion besides presenting promising opportunities for aboriginal growth.

“This acquisition enhances our fiscal outlook done its stable, semipermanent currency flows with predictable margins. We are assured that integrating this Jamaica level volition make important worth for our shareholders portion advancing our ngo to supply cleaner, much cost-effective earthy state solutions to the radical of Jamaica.”