Excelerate Energy Reached Agreement to Acquire New Fortress Energy Business

SEATTLE (Oil Monster): Excelerate Energy, Inc. of Texas announced that it has reached a final agreement with New Fortress Energy Inc. to purchase the latter's Jamaican operations in an all-cash transaction valued at $1.055 billion.

The Boards of Directors of Excelerate and NFE have previously unanimously authorized the deal. Subject to governmental clearances and the fulfillment of other standard closing requirements, it is anticipated to close as early as the second quarter of 2025.

The agreement states that Excelerate will purchase the operations and assets of the Clarendon combined heat and power (CHP) cogeneration plant, the Old Harbour LNG Terminal, and the Montego Bay LNG Terminal.

Excelerate's current portfolio will be complemented and diversified by the selective acquisition of downstream infrastructure. It will expand Excelerate's clientele by bringing in long-term contracted assets. Additionally, by growing its core FSRU terminal services and gas supply businesses and broadening its operational and geographic exposure, Excelerate's competitive position will be strengthened by the Jamaican assets.

The deal marks a significant turning point in the company's downstream expansion plan, according to Excelerate President and CEO Steven Kobos. The company's long-term LNG supply agreements and current operating skills will be strengthened by the purchased assets.

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