New Fortress Energy Inc (NFE) has completed the US$1.055-billion ($167.22 billion) sale of its Jamaican liquified natural gas (LNG) assets and business to Excelerate Energy, Inc as it focuses on cutting its debt and simplifying its balance sheet.

The deal was completed on Wednesday. Excelerate will now operate the LNG storage and regasification facility in Montego Bay, St James, the 150-MW combined heat and power plant in Halse Hall, Clarendon, and the offshore floating LNG storage and regasification terminal in Old Harbour, St Catherine. The Jamaican assets in 2024 generated US$125 million ($19.80 billion) in EBITDA (earnings before interest, tax, depreciation and amortisation) have long-term contracts with 20-year duration, supplies 60 per cent of Jamaica’s gas and power needs and growth opportunities remain in the Jamaican market.

After accounting for transaction fees, NFE will receive US$778 million in net proceeds from the deal and will pay down US$270 million on its debt load. US$393 million in cash added to its balance sheet.

“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,” stated Wes Edens, founder, chairman and CEO of NFE, in the earnings release.

NFE’s Q1 revenue had dipped by a third from US$690.3 million to US$470.5 million, largely due to the sharp cut in operating revenue. The company also reported a US$197.37-million consolidated net loss, a sharp contrast to the US$56.7 million consolidated net profit reported in the previous period. The losses have contributed to NFE’s stock price dipping from US$6.78 to US$2.66 on Thursday, a 61 per cent one-day drop. The stock is down 82 per cent in 2025 and down 90 per cent in the last 12 months from US$26 per share.

NFE will continue to focus on the sale of assets, refinancing its debt and de-leveraging its balance sheet. NFE will consider asset-based financing going forward which carries lower margins, but better credit quality and longer durations. The company raised US$400 million in equity in October and refinanced US$2.7 billion in debt to a 2029 maturity. NFE had US$9.19 billion in debt at the end of March which made up most of its US$11.12 billion in liabilities. NFE had US$13.03 billion in assets and US$1.75 billion in equity attributable to shareholders.

Excelerate raised US$212 million in equity and US$800 million in unsecured debt to finance the Jamaican acquisition. The company grew its first quarter revenue by 57 per cent to US$315.09 million with consolidated net profit up 85 per cent to US$52.12 million, with US$11.39 million attributable to shareholders.

“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,” stated Steven Kobos, president and CEO of Excelerate in a press release.