Excelerate Energy Finalizes Acquisition of LNG and Power Assets in Jamaica

Excelerate Energy has completed its acquisition of New Fortress Energy’s LNG and power operations in Jamaica, including the Montego Bay and Old Harbour LNG terminals and the Clarendon combined heat and power plant. The $1 billion deal was financed through an $800 million senior notes offering and an equity raise of $212 million from a Class A common stock issuance.

As part of the transaction, Excelerate extended the maturity of its senior secured revolving credit facility from 2027 to 2029 and increased the borrowing capacity to $500 million. Proceeds from the debt offering were used to retire the company’s existing term loan.

CEO Steven Kobos stated that the acquisition strengthens Excelerate’s downstream LNG platform and aligns with its long-term growth strategy. The company expects the assets to generate stable, long-term cash flows and support its mission to deliver cleaner, cost-effective energy in Jamaica.

Excelerate Energy Reports Strong Preliminary Q1 2025 Results; Highlights Growth and Liquidity

Excelerate Energy, Inc. (NYSE: EE) announced preliminary financial results for the first quarter ended March 31, 2025, indicating another quarter of solid performance. Income before income taxes is expected to be in the range of $52 to $59 million, with adjusted EBITDA between $96 and $101 million.

The company’s cash and cash equivalents totaled between $600 and $620 million at quarter-end, excluding approximately $175.5 million in net proceeds received on April 2 from its public stock offering. Excelerate also reported that its $350 million revolving credit facility remained fully undrawn.

CFO Dana Armstrong stated the results reflect continued strong execution and cost discipline. She also highlighted the strategic acquisition of a liquefied natural gas (LNG) and power platform in Jamaica, expected to expand Excelerate’s global footprint and strengthen earnings and cash flow.

Adjusted EBITDA was calculated by adding back interest, depreciation, accretion, incentive compensation, and transaction costs to pre-tax income. The company reiterated these are preliminary estimates, pending completion of its quarter-end review process.

Excelerate emphasized its long-term focus on shareholder value and capital discipline, while cautioning that actual results may differ materially once finalized.

The company continues to expand globally, with operations spanning the U.S., Latin America, the Middle East, and Asia.

Excelerate Energy to Acquire NFE’s Jamaica Business for $1.055 Billion

Excelerate Energy, Inc. announced that its subsidiary, Excelerate Energy Limited Partnership, has entered into an equity and asset purchase agreement to acquire New Fortress Energy’s business operations in Jamaica for approximately $1.055 billion in cash, subject to customary closing adjustments. The agreement was signed on March 26, 2025.

The acquisition includes liquefied natural gas (LNG) infrastructure and operations currently held by Atlantic Energy Holdings LLC and New Fortress Energy Inc. Closing is anticipated as early as the second quarter of 2025, pending regulatory consents, debt facility releases, audited financials, and other standard closing conditions.

To finance the acquisition, Excelerate secured an $850 million 364-day senior secured bridge term loan facility, outlined in a commitment letter signed with a group of lenders on the same day. The loan facility is designed to cover the transaction and associated costs, and is subject to customary funding conditions.

Excelerate also disclosed that a press release and an investor presentation were made available on March 27, 2025, to provide additional context about the transaction. Both are attached as exhibits to the SEC filing.

The company emphasized that the acquisition aligns with its growth strategy in LNG infrastructure and expands its presence in the Caribbean region. Forward-looking statements in the announcement noted risks including financing, integration challenges, and fluctuations in LNG markets.

Excelerate cautioned that these forward-looking statements reflect current expectations as of March 27, 2025, and are subject to change based on various risk factors disclosed in its prior SEC filings.

Excelerate Energy, Inc. announced that Carolyn J. Burke has resigned from the Board of Directors, effective January 21, 2025. Her resignation was not due to any disagreements with the company. In her place, the company appointed Nisha D. Biswal as a director, effective the same date. Ms. Biswal, a seasoned expert with over 30 years of experience in U.S. foreign policy, international economic development, and trade, will also serve on the Board's Audit Committee and Nominating and Corporate Governance Committee.

Ms. Biswal brings a wealth of experience, having held senior roles in the U.S. International Development Finance Corporation and the U.S. State Department, among other organizations. She will participate in the company's standard compensation program for independent directors, including an annual equity retainer of $125,000 in restricted stock units. Excelerate Energy expressed its gratitude to Ms. Burke for her service and welcomed Ms. Biswal to the Board in a press release issued on January 21, 2025.