Excelerate Energy Acquires Jamaican LNG and Power Infrastructure from New Fortress Energy

Excelerate Energy, Inc. (NYSE: EE) has announced a definitive agreement to acquire New Fortress Energy Inc.'s (NASDAQ: NFE) Jamaican operations for $1.055 billion in cash. This strategic acquisition includes the Montego Bay LNG Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power (CHP) co-generation plant.

Steven Kobos, President and CEO of Excelerate, emphasized that this move is a significant milestone in the company's downstream growth strategy, positioning Excelerate as a key provider of essential LNG import infrastructure in the Atlantic basin.

Strategic and Financial Highlights:

• Integrated Infrastructure: The acquisition establishes Excelerate as Jamaica's sole LNG platform, encompassing the country's only two LNG terminals and its only CHP co-generation plant.

• Long-Term Contracts: The assets come with stable, long-term contracts, with 86% of contracted revenue on a take-or-pay basis and a weighted average remaining contract duration of approximately 21 years, including extensions.

• Growth Opportunities: Potential expansions include LNG bunkering services in high-traffic Caribbean maritime routes, doubling the capacity of the Clarendon CHP plant, and increasing LNG supply to Jamaica's industrial sector.

The transaction is expected to close in the second quarter of 2025, pending regulatory approvals and customary closing conditions. Excelerate plans to finance the acquisition through a combination of permanent financing and cash on hand, supported by an $850 million fully committed bridge facility.

This acquisition underscores Excelerate Energy's commitment to expanding its global presence and providing reliable, sustainable energy solutions to emerging markets.