New Fortress Energy, a company listed on the New York Stock Exchange, announced on Thursday that it will sell its gas assets in Jamaica to Excelerate Energy for $1 billion.
The deal includes New Fortress Energy’s liquefied natural gas (LNG) import terminal in Montego Bay, an offshore floating storage and regasification terminal in Old Harbour, and a combined heat and power plant in Clarendon. The transaction is expected to be finalized by the second quarter of 2025.
New Fortress Energy plans to use the proceeds from the sale to reduce its debt and simplify its operations.
Wes Edens, the CEO of New Fortress Energy, praised the company’s Jamaican assets and workforce. He stated that they have been crucial in enhancing the cost-effectiveness and reliability of energy on the island. Edens expressed confidence that Excelerate Energy will continue to make progress in improving Jamaica’s energy future.
Excelerate Energy welcomed the deal, stating that it will strengthen the company’s position in the growing Atlantic basin natural gas market. CEO Steven Kobos emphasized that the new assets will complement Excelerate’s operational expertise and long-term LNG supply agreements. He also highlighted the potential for future growth as natural gas plays a larger role in Jamaica’s energy mix.
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