Excelerate Energy Finalizes Strategic Acquisition of Integrated LNG and Power Infrastructure in Jamaica
Excelerate Energy, Inc. (NYSE: EE), a leading provider of flexible LNG infrastructure solutions, has officially completed its acquisition of New Fortress Energy Inc.’s (Nasdaq: NFE) liquefied natural gas (LNG) and power assets in Jamaica. This pivotal transaction marks a transformative moment in Excelerate’s long-term growth strategy, representing a major milestone in its efforts to broaden its global downstream operations and deepen its commitment to sustainable energy development across the Caribbean region.
Acquisition Overview
Under the terms of the agreement, Excelerate Energy has acquired a suite of fully operational LNG and power generation assets from New Fortress Energy. These include:
- The Montego Bay LNG Terminal, a floating storage and regasification unit (FSRU)-based facility that serves as a key import hub on the northwest coast of Jamaica.
- The Old Harbour LNG Terminal, another critical FSRU-based terminal located on the island’s southern coast, which plays a central role in supplying natural gas to Jamaica’s power grid.
- The Clarendon Combined Heat and Power Plant, a cogeneration facility designed to maximize energy efficiency by producing both electricity and useful heat from the same fuel source.
Together, these facilities comprise an integrated LNG-to-power platform that supports Jamaica’s transition toward cleaner and more reliable energy sources. The acquisition allows Excelerate to operate both the gas import infrastructure and the power generation assets, enabling seamless coordination across the supply chain—from LNG delivery to power generation and distribution.
Financing the Transaction
In order to fund the acquisition, Excelerate successfully executed a comprehensive financing strategy that included both equity and debt components, raising approximately $1.0 billion in capital.
During the second quarter of 2025, the company completed a public equity offering of eight million shares of Class A common stock. Shares were priced at $26.50 each, generating $212 million in gross proceeds, inclusive of the full exercise of the underwriters’ over-allotment option (also known as the “greenshoe”).
Concurrently, Excelerate issued $800 million in 8.000% senior unsecured notes, which are scheduled to mature in 2030. The strong demand for the debt issuance underscored investor confidence in the company’s financial health, long-term strategic vision, and the attractive fundamentals of the Jamaican LNG and power platform.
Additionally, Excelerate renegotiated its senior secured revolving credit facility (the “Credit Agreement”) to better align with its expanded operational scope. The maturity of the facility was extended from March 2027 to March 2029, and the total borrowing capacity increased from $350 million to $500 million. The proceeds from the $800 million bond offering were used, in part, to fully repay the existing term loan under the Credit Agreement—further strengthening the company’s balance sheet and improving financial flexibility going forward.
Strategic Vision and Operational Synergy
Excelerate Energy’s acquisition of the Jamaican LNG and power assets is a core component of its downstream expansion strategy. By owning and operating both LNG import terminals and associated power generation assets, the company is able to leverage its global LNG supply chain to deliver reliable and cost-effective energy solutions directly to end users.
“This acquisition is much more than just a transaction—it’s a strategic transformation,” said Steven Kobos, President and Chief Executive Officer of Excelerate Energy. “We have long been focused on enabling energy access in emerging markets, and the closing of this acquisition significantly enhances our ability to execute on that mission. These assets not only align with our operational strengths but also position us for scalable growth in the Caribbean and beyond.”
The integration of these assets is expected to yield numerous synergies, including:
- Operational Efficiency: By coordinating fuel sourcing, terminal operations, and power generation, Excelerate can optimize logistics, reduce costs, and increase system reliability.
- Stable Revenue Streams: The Jamaican assets generate predictable long-term cash flows under established contractual frameworks. This financial stability enhances Excelerate’s earnings visibility and supports future investments in growth and innovation.
- Sustainability and ESG Impact: The transition to natural gas reduces Jamaica’s reliance on more carbon-intensive fuels like heavy fuel oil and diesel. Excelerate’s investment will help further decarbonize the country’s energy mix, contributing to regional and global climate goals.
- Community Engagement: Excelerate intends to work closely with local communities and government stakeholders to support economic development and create job opportunities, while ensuring a sustainable and responsible transition to natural gas power.
Enhancing Jamaica’s Energy Security
Jamaica has been a regional leader in transitioning its electricity generation sector from oil-based fuels to natural gas, which offers lower emissions and greater efficiency. The country’s government, in partnership with private sector players, has made significant progress in modernizing its energy infrastructure to increase resilience, reduce environmental impact, and lower costs to consumers.
With the acquisition, Excelerate becomes a key partner in Jamaica’s energy ecosystem, taking on a leading role in ensuring the continued reliability and sustainability of the nation’s power supply. The Montego Bay and Old Harbour terminals will continue to serve as essential entry points for imported LNG, providing fuel for both grid-scale power plants and industrial customers.
The Clarendon combined heat and power plant adds value to Excelerate’s portfolio by providing dispatchable power and capturing waste heat for use in industrial processes. This enhances energy efficiency and provides a model for similar cogeneration projects in other markets.
A Platform for Regional Growth
In addition to strengthening Excelerate’s footprint in Jamaica, the acquisition sets the stage for regional expansion throughout the Caribbean and Latin America. Many island nations in the region face similar energy challenges—high costs, dependence on imported oil, and vulnerability to supply disruptions. Excelerate’s proven model of integrating LNG import infrastructure with power generation offers a replicable solution that can help other nations achieve greater energy security and sustainability.
“Our integrated LNG-to-power approach is a game-changer for emerging economies,” Kobos added. “By delivering reliable, cleaner-burning energy where it’s needed most, we’re not just helping to meet today’s demands—we’re laying the foundation for a more resilient energy future.”
Investor Confidence and Market Outlook
Investors have responded positively to Excelerate’s strategic direction. The successful capital raise and favorable credit terms demonstrate strong institutional backing and confidence in the company’s leadership and long-term prospects.
Market analysts view the acquisition as a sound move, given the stable cash flow profile of the Jamaican assets and the growing demand for natural gas in the region. Excelerate’s vertically integrated model—spanning LNG procurement, transportation, regasification, and end-use—is expected to provide a competitive edge as global energy markets continue to evolve.
The LNG market remains dynamic, with demand increasing across Asia, Europe, and the Americas. As the world transitions toward cleaner energy sources, natural gas is expected to play a critical role as a bridging fuel. Excelerate’s focus on flexible, scalable infrastructure positions it well to capitalize on these trends while supporting decarbonization goals.
