Excelerate Energy acquires New Fortress Energy’s Jamaica operations

Under the terms of the purchase agreement, Excelerate has acquired the assets and operations of the Montego Bay liquified natural gas (LNG) Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power plant. 

"The closing of this acquisition represents a significant step forward in the execution of Excelerate’s downstream expansion strategy,” said Steven Kobos, president and CEO of Excelerate. 

“These assets align seamlessly with our operational expertise and long-term LNG supply agreements, while also presenting promising opportunities for future growth. This acquisition enhances our financial outlook through its stable, long-term cash flows with predictable margins. We are confident that integrating this Jamaica platform will generate substantial value for our shareholders while advancing our mission to provide cleaner, more cost-effective natural gas solutions to the people of Jamaica." 

In welcoming Excelerate to Jamaica, Dr. the Most Honorable, Andrew Holness, Prime Minister of Jamaica, said, “Today marks a significant milestone in Jamaica’s energy journey. Since 2016, New Fortress Energy has been a trailblazer, bringing LNG to our shores and laying the foundation for a more resilient and competitive energy market—one that supports our Vision 2030 goals. I want to thank New Fortress Energy for their pioneering role and commitment to Jamaica’s energy transformation over the past decade.” 

Prime Minister Holness continued, “On behalf of the people of Jamaica, I am pleased to welcome Excelerate Energy — a global leader in LNG infrastructure that has demonstrated its commitment to our country’s energy future through a substantial, billion-dollar investment. We look forward to working with Excelerate as our new LNG partner to drive innovation, enhance energy security, and expand economic opportunity for all Jamaicans. Together, we will build an energy sector that is not just fit for today, but one that is also prepared for the challenges and opportunities of the future.” 

Excelerate Energy, Inc. is a United States-based liquified natural gas company located in The Woodlands, Texas. Founded in 2003 by George B. Kaiser, Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of services, including floating storage and regasification units, LNG import infrastructure development, and LNG and natural gas supply. Excelerate has a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, London, Rio de Janeiro, Singapore, and Washington, DC.