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.