Excelerate Energy to spend $1bn for NFE’s LNG business in Jamaica

Texas-based liquefied natural gas business Excelerate Energy has signed a deal with energy infrastructure company New Fortress Energy (NFE) to acquire its Jamaican business for $1.05bn.

NFE’s Jamaican business consists of the Montego Bay LNG Terminal, the Old Harbour LNG Terminal, and a 150 MW combined heat and power (CHP) co-generation plant in Clarendon.

The $1.055bn cash purchase price is about nine times the Jamaica operation’s expected adjusted EBITDA for 2025.

Steven Kobas, President and CEO of Excelerate Energy, said, “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.”