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

The assets involved in the deal comprise New Fortress Energy's LNG import terminal in Montego Bay, an offshore floating storage and regasification terminal in Old Harbour, and a 150MW combined heat and power plant in Clarendon.

New Fortress and Excelerate Energy signed a definitive agreement for the transaction in March 2025.

The transaction aims to bolster Excelerate's position in the region while allowing New Fortress to reduce its corporate debt.

Proceeds from the sale will be directed towards reducing New Fortress Energy's revolving credit facility by $270m and to pay off $55m of a Term Loan A facility, with any remaining funds being added to the company’s cash reserves on the balance sheet.

New Fortress Energy CEO and chairman Wes Edens said: “The closing of the sale of our Jamaican assets to Excelerate is a significant milestone for the company as we streamline our operations and pay down corporate debt through asset sales.

“NFE has made a positive impact on Jamaica’s energy transition, and we are proud of the contributions our world-class employees and assets have made in improving energy costs and reliability on the island. We are confident that Excelerate will continue NFE’s vision of providing reliable and cost-effective energy to Jamaica and continue to drive substantial progress towards improving Jamaica’s energy future.”

To finance the acquisition, Excelerate Energy raised approximately $1bn through equity and debt financings.

In the second quarter of 2025, the company completed an equity offering of eight million shares of Class A common stock at $26.5 per share, generating $212m in gross proceeds, including the greenshoe option.

Additionally, Excelerate closed an $800m offering of 8% senior unsecured notes due in 2030.

Excelerate CEO and president Steven Kobos said: “The closing of this acquisition represents a significant step forward in the execution of Excelerate’s downstream expansion strategy. These assets align seamlessly with our operational expertise and long-term LNG supply agreements, while also presenting promising opportunities for future growth.

“This acquisition enhances our financial outlook through its stable, long-term cash flows with predictable margins. We are confident that integrating this Jamaica platform will generate substantial value for our shareholders while advancing our mission to provide cleaner, more cost-effective natural gas solutions to the people of Jamaica.”

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Excelerate Energy has also recently entered a memorandum of understanding (MOU) with Petrovietnam Gas.

The MOU outlines collaboration between the two companies to secure a stable supply of LNG from the US, potentially commencing as early as 2026.

"New Fortress completes Jamaica assets sale to Excelerate for $1.05bn" was originally created and published by Offshore Technology, a GlobalData owned brand.

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