New Fortress Energy To Sell Its Assets, Operations In Jamaica For $1.055 Bln; NFE Stock Up Over 9%

(RTTNews) - New Fortress Energy Inc. (NFE), an energy infrastructure company, said on Thursday that it has finalized the sale of its assets and operations in Jamaica for $1.055 billion to Excelerate Energy, Inc. (EE).

The transaction includes the sale of NFE's LNG import terminal in Montego Bay, offshore floating storage and regasification terminal in Old Harbour, and a 150 MW Combined Heat and Power Plant in Clarendon, along with the associated infrastructure.

The transaction, expected to be closed in the second quarter of 2025, aims to optimize NFE's asset portfolio and enhance financial flexibility.

Wes Edens, CEO of New Fortress Energy, said: "This transaction with Excelerate is a meaningful step as we continue to streamline our operations."

Proceeds from the sale will be used to reduce NFE's debt and for general corporate purposes.

NFE was up by 9.30 percent at $12.10 in the pre-market on the Nasdaq.