New Fortress Energy Sells Jamaican Assets, Operations To Excelerate Energy For $1.06B: Stock Tumbles But Retail Cheers The Deal

The company said that proceeds from the transaction, which marks a key step in its strategy to optimize asset portfolio and enhance financial flexibility, will be used to reduce its corporate debt and for general corporate purposes.

Shares of New Fortress Energy Inc. (NFE) tumbled 10% on Thursday morning after the company announced the sale of its Jamaican assets and operations to Excelerate Energy, Inc. (EE) for $1.06 billion.

New Fortress Energy is an energy infrastructure company that owns and operates natural gas and liquefied natural gas (LNG) infrastructure, an integrated fleet of ships, and logistics assets.

The company said that proceeds from the transaction, which marks a key step in its strategy to optimize asset portfolio and enhance financial flexibility, will be used to reduce its corporate debt and for general corporate purposes.

The deal includes the sale of NFE’s LNG import terminal in Montego Bay, offshore floating storage, and a regasification terminal in Old Harbour. It also comprises Clarendon's 150 MW Combined Heat and Power Plant and the associated infrastructure.

Meanwhile, Excelerate said it intends to fund the transaction using a combination of permanent financing and cash on hand. The company has backstopped the financing with a $850 million fully committed bridge facility.

According to the company, the purchase price represents a multiple of approximately 9x the Jamaica business’ 2025 estimated adjusted earnings before interest, tax, depreciation, and amortization (EBITDA).

NFE recently amended the extension of its 80 trillion British thermal units (TBtu) islandwide gas supply contract with the Puerto Rico Electric Power Authority to a term of 100 days.

The company said the revised 100-day extension provides a bridge period to facilitate an open request for proposals for updated terms and the duration of the gas supply contract.

On Stocktwits, retail sentiment surrounding NFE flipped into ‘bullish’ territory (63/100) from ‘neutral’ a day ago.

At the same time, sentiment surrounding Excelerate Energy climbed into ‘extremely bullish’ territory (97/100) from ‘bullish’ a day ago.

NFE shares have lost over 32% in 2025, while EE shares have traded flat in the period.

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