In a blockbuster deal poised to reshape the liquefied natural gas (LNG) market in the Atlantic basin, Excelerate Energy has announced a $1.055 billion acquisition of New Fortress Energy’s Jamaica operations. The deal, unveiled Thursday, positions Excelerate as a dominant force in LNG infrastructure and a key supplier in the region’s growing energy sector.
The acquisition encompasses two LNG terminals in Montego Bay and Old Harbour, as well as a 150-megawatt cogeneration plant in Clarendon.
Strategic Expansion for Excelerate Energy
With legal guidance from Gibson Dunn & Crutcher LLP, Excelerate Energy emphasized that the transaction will bolster its downstream growth strategy while ensuring long-term operational cash flow stability.
“This acquisition expands and diversifies our platform, positioning Excelerate as the leading provider of LNG import infrastructure in an increasingly attractive natural gas market,” said Steven Kobos, Excelerate’s president and CEO.
The company expects the deal to be immediately accretive to earnings per share, a sign of confidence in the asset’s revenue-generating potential.
