New Fortress Energy has sold its natural gas assets and operations in Jamaica to Texas-based Excelerate Energy for $1.06 billion, according to the company's release.
The transaction includes the LNG import terminal in Montego Bay, an offshore floating storage and regasification terminal in Old Harbour, a 150 megawatt combined heat and power plant in Clarendon, and associated infrastructure.
Steven Kobos, Excelerate's Chief Executive, said the acquisition is "a critical step in expanding its presence in the Atlantic basin" and will position Excelerate "as the key provider of essential LNG import infrastructure in a desirable and growing Atlantic basin natural gas market."
Headquartered in the United States, New Fortress Energy is an energy infrastructure company focused on providing energy and development services. In 2023, the company reported total revenue of $1.4 billion.
Based in the United States, Excelerate Energy is a liquefied natural gas (LNG) company offering flexible regasification services. The company operates a fleet of ten purpose-built FSRUs and have completed over 2,700 ship-to-ship LNG transfers. As of March 2025, the market capitalization was $3.09 billion.