New Fortress Energy Announces Sale of Jamaica Assets & Operations to Excelerate Energy
Vinson & Elkins advised New Fortress Energy Inc. (“NFE”), a leading integrated gas-to-power energy infrastructure company, in connection with an agreement for the sale of its Jamaican businesses to Excelerate Energy, Inc. (“Excelerate”) for approximately $1.055 billion, subject to customary purchase price adjustments.
The transaction includes the sale of NFE’s LNG import terminal in Montego Bay, offshore floating storage and regasification terminal in Old Harbour, and 150 MW Combined Heat and Power Plant in Clarendon, along with the associated infrastructure. Proceeds from the transaction will be used to reduce NFE’s corporate debt and for general corporate purposes. This transaction marks a key step in NFE’s strategy to optimize its asset portfolio and enhance financial flexibility.
The Vinson & Elkins team was led by partners Francisco Morales Barrón and Mark Brasher and senior associate Alex Turner, with assistance from associates Jake Silver, Bennett Robinson, and Christine Croasdaile. Other key team members include partner Natan Leyva and associates Jeff Slusher and Kathryn Fish; partner Tzvi Werzberger, senior associate Kim Dalrymple and associate Hayley Johnson; partner Patricia Adams, senior associate Nicole Waterstradt, and associate Eric Hechler; partner Becky Baker and associate Ashley Plunk; partner Casey Hopkins and associate Tom Aird; counsel Rajesh Patel and associate Alexa Chally; partner Sarah Mitchell, senior associate Victoria Bahrami-Negad, and associate Leah Powers; partner Kara Kuritz and associate Adam Thomas; counsel Brian Howard; and counsel Elizabeth Krabill McIntyre.
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