Business
Excelerate Energy Advances Growth Strategy with Acquisition of Jamaica Downstream LNG and Power Infrastructure Business from New Fortress Energy
Addition of Complementary, Fully Integrated Downstream LNG and Power Platform Establishes Excelerate as the Key Provider of “Last-Mile” LNG Infrastructure in
About this update from New Fortress Energy Inc.
[{"type":"text","content":"\nAddition of Complementary, Fully Integrated Downstream LNG and Power Platform Establishes Excelerate as the Key Provider of “Last-Mile” LNG Infrastructure in a Desirable Atlantic Basin Natural Gas Market\n\nAssets and Operations Generate Stable Cash Flows Supported by Attractive Long-Term Contracts with High-Quality Counterparties and Pipeline of Potential Growth Opportunities\n\nAcquisition Is Immediately Accretive to Earnings per Share and Enhances Operating Cash Flow\n\n THE WOODLANDS, Texas--(BUSINESS WIRE)--\nExcelerate Energy, Inc. (NYSE: EE) (“Excelerate” or the “Company”) today announced that it has entered into a definitive agreement with New Fortress Energy Inc. (“NFE”) (NASDAQ: NFE) under which Excelerate will acquire NFE’s business in Jamaica for $1.055 billion in cash.\n\nUnder the terms of the agreement, Excelerate will acquire the assets and operations of the Montego Bay LNG Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power (“CHP”) co-generation plant. Excelerate expects to assume all material contracts currently in place.\n\n“This transaction represents an important milestone in the execution of Excelerate’s downstream growth strategy. It will expand and diversify our platform, while positioning Excelerate as the key provider of essential LNG import infrastructure in a desirable and growing Atlantic basin natural gas market,” said Steven Kobos, President and Chief Executive Officer of Excelerate. “These assets complement our existing operational expertise and our long-term LNG supply agreements, while offering the potential for future growth opportunities as natural gas becomes an increasingly essential part of Jamaica's energy mix.”\n\nKobos continued, “Importantly, this transaction also enhances our financial profile, providing predictable, long-term cash flows at stable margins with a weighted average remaining contract duration of approximately 21 years including contract extensions. We are confident the addition of this Jamaica platform will deliver significant value for our shareholders, while building on our commitment to providing cleaner and more affordable natural gas to countries across the globe.”\n\nCompelling Strategic and Financial Benefits\n\n\nFully Integrated Downstream LNG and Power Infrastructure with High Barriers to Entry: This strategic acquisition adds dow...