Excelerate Energy, Inc. has officially announced the completion of its previously disclosed acquisition of New Fortress Energy Inc.’s business operations in Jamaica.

The acquisition encompasses critical energy infrastructure in Jamaica, including the Montego Bay LNG Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power plant. These assets provide a comprehensive platform for LNG import, regasification, and power generation, creating a vertically integrated operation within the Jamaican energy sector.

To finance this substantial acquisition, Excelerate successfully executed a series of capital market transactions in the second quarter of 2025. The company raised approximately $1.0 billion through a combination of equity and debt offerings. This included an equity offering of eight million shares of Class A common stock, priced at $26.50 per share, generating gross proceeds of $212 million, which factored in the exercise of the underwriters’ greenshoe option. Additionally, Excelerate closed an $800 million offering of 8.000% senior unsecured notes due in 2030. The strong investor interest in these offerings underscores the market’s confidence in Excelerate’s strategic direction and the potential of this acquisition.

In conjunction with the closing of the acquisition, Excelerate also strengthened its financial flexibility by amending its senior secured revolving credit facility. The maturity of the Credit Agreement has been extended by two years, from March 2027 to March 2029. Furthermore, the total borrowing capacity under the Credit Agreement has been increased from $350 million to $500 million. Concurrently, the company utilized the proceeds from its recent notes offering to fully repay its existing term loan under the Credit Agreement, further streamlining its capital structure.

Steven Kobos, President and CEO of Excelerate Energy, expressed his enthusiasm about the successful completion of the acquisition. “The closing of this acquisition represents a significant step forward in the execution of Excelerate’s downstream expansion strategy,” he stated. “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.”

The integrated nature of the acquired assets provides a stable revenue stream and allows for operational synergies. By controlling the LNG import terminals and the power plant, Excelerate can optimize its supply chain and enhance its ability to deliver reliable and affordable energy to Jamaica.