New Fortress Energy (NFE) completed the sale of its 20% equity interest in its LNG maritime infrastructure company Energos Infrastructure to funds managed by Apollo Global Management, according to a Feb. 15 press release.

Proceeds from the sale of Energos, a company founded by NFE and Apollo, will be used for general corporate purposes, including debt repayment and investing in an “accretive downstream project,” NFE said.

The value of the transaction was not disclosed. In 2022, NFE helped establish Energos by transferring ownership of 11 vessels to the company in exchange for $1.85 billion cash and a 20% equity stake.

Energos provides LNG delivery, storage and regasification services to customers including utilities and energy companies under long-term charters. Energos owns and operates 13 LNG infrastructure vessels, consisting of nine floating storage and regasification units, two floating storage units and two LNG carriers.

NFE currently charters six vessels from Energos and will maintain an active relationship with Energos to support NFE’s global operations through vessel charters for a period of up to 20 years. The charters have either commenced or will commence upon expiration of each vessel’s existing third-party charter agreement.

“We are pleased to have established Energos with Apollo Funds, our joint venture partner, and to have built it into a premier LNG maritime infrastructure company today,” Wes Edens, chairman and CEO of New Fortress Energy. “Completing the sale of our interest to Apollo Funds allows us to recycle proceeds into high return downstream projects and to reduce debt."

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