New Fortress Energy’s Exit: A Strategic Streamlining
New Fortress Energy, advised by Vinson & Elkins LLP, has been a major player in Jamaica’s energy landscape since 2016, pioneering the island’s shift toward cost-effective and cleaner natural gas solutions.
Despite its pivotal role, the company’s chair and CEO, Wes Edens, described the sale as a “meaningful step” in streamlining operations.
“Our Jamaican assets and employees have transformed the energy landscape, delivering hundreds of millions in fuel savings and enhancing reliability. We are confident Excelerate will continue this progress,” Edens stated.
A Financed Power Play Backed by Global Banks
Financing for the deal will combine cash reserves with an $850 million fully committed bridge loan, backed by a heavyweight consortium of financial institutions, including:
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Barclays Bank PLC
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Wells Fargo Bank
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Crédit Agricole
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DNB Bank ASA
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Sumitomo Mitsui Banking Corp.
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BNP Paribas
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Morgan Stanley
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Nordea Bank
Regulatory Hurdles and Final Approvals
The transaction has unanimous approval from both companies’ boards and is on track to close in Q2 of 2025, pending regulatory green lights and closing conditions.
Financial advisory support comes from Evercore for Excelerate and Intrepid Financial Partners for New Fortress.
Meanwhile, Simpson Thacher & Bartlett LLP is advising Barclays, the lead financier of the bridge facility.
