Excelerate Energy Inc. has closed its acquisition of New Fortress Energy’s integrated LNG and power platform in Jamaica for $1 billion, according to a May 14 press release.

Under the deal’s terms, Excelerate purchased the assets and operations of the Montego Bay LNG terminal, the Old Harbour LNG terminal and the Clarendon combined heat and power plant.

“The closing of this acquisition represents a significant step forward in the execution of Excelerate’s downstream expansion strategy,” said Steven Kobos, president and CEO of Excelerate Energy. “These assets align seamlessly with our operational expertise and long-term LNG supply agreements, while also presenting promising opportunities for future growth.”

The company funded the transaction, originally announced March 27, through equity and debt financings, including a completed offering of 8 million shares of Class A common stock priced at $2.60 per share for gross proceeds of $212 million.

Excelerate also closed in the second quarter an $800 million offering of 8.0% senior unsecured notes due 2030.

In connection with the deal’s closing, the maturity of Excelerate’s senior secured revolving credit facility was extended from March 2027 to March 2029 and the total capacity available for borrowing under the facility was increased from $350 million to $500 million, the release stated.

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