New Fortress Energy Completes Sale of Jamaica Assets & Operations to Excelerate Energy and Announces First Quarter 2025 Results

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NEW YORK, May 14, 2025--(BUSINESS WIRE)--New Fortress Energy Inc. (Nasdaq: NFE) ("NFE" or the "Company") today announced the completion of the sale of its assets and operations in Jamaica to Excelerate Energy, Inc. (NYSE: EE) ("Excelerate") for $1.055 billion. The transaction was initially announced by NFE on March 27, 2025. Proceeds from the transaction will be used to reduce NFE’s corporate debt and for general corporate purposes.

Pursuant to the transaction, Excelerate Energy, Inc. has acquired full ownership 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.

"The closing of the sale of our Jamaican assets to Excelerate is a significant milestone for the Company as we streamline our operations and paydown corporate debt through asset sales," said Wes Edens, Chairman and CEO of New Fortress Energy. "NFE has made a positive impact on Jamaica’s energy transition, and we are proud of the contributions our world class employees and assets have made in improving energy costs and reliability on the island. We are confident that Excelerate will continue NFE’s vision of providing reliable and cost-effective energy to Jamaica and continue to drive substantial progress towards improving Jamaica’s energy future."

The Company today also reported its financial results for the first quarter of 2025.

  • Adjusted EBITDA(1) of $82 million in the first quarter of 2025

  • Net loss of $197 million in the first quarter of 2025

  • EPS of $(0.73) on a fully diluted basis in the first quarter of 2025

  • Total cash balance of $827 million, of which $448 million is unrestricted as of March 31, 2025

Our first quarter 2025 Adjusted EBITDA of $82 million is entirely comprised of what we consider to be core earnings, which consist of earnings from our terminal and vessel operations without regard to any one-time gains that have benefited our results in prior periods. Other than the novation income that we earned last quarter, our revenue from terminal operations have been largely unchanged since the termination of our temporary power contract in the first quarter of 2024. As we have previously disclosed, we sold the emergency power plants to the Puerto Rico Electric Power Authority in March 2024 and no longer recognize revenue from the temporary power project. We are pursuing a request for equitable adjustment related to the early termination of the temporary power project.