US-based Excelerate Power introduced Tuesday that it has accomplished the acquisition of New Fortress Power’s operations in Jamaica, marking a significant step in its downstream growth technique within the Caribbean.
Below the phrases of the settlement, Excelerate has acquired a number of key power infrastructure property, together with the Montego Bay liquefied pure fuel (LNG) terminal, the Outdated Harbour LNG terminal, and the Clarendon mixed warmth and energy plant.
“The closing of this acquisition represents a major step ahead within the execution of Excelerate’s downstream growth technique,” stated Steven Kobos, President and CEO of Excelerate Power, in a press release.
Kobos stated the acquisition is predicted to ship long-term worth for shareholders and strengthen the corporate’s mission to supply cleaner, extra reasonably priced power options to Jamaica.
“These property align seamlessly with our operational experience and long-term LNG provide agreements, whereas additionally presenting promising alternatives for future progress,” Kobos stated. “This acquisition enhances our monetary outlook by means of its steady, long-term money flows with predictable margins.”
Jamaica’s Prime Minister Andrew Holness welcomed Excelerate’s entry into the native power market and praised the inspiration laid by New Fortress Power.
“At present marks a major milestone in Jamaica’s power journey,” Holness stated. “Since 2016, New Fortress Power has been a trailblazer, bringing LNG to our shores and laying the inspiration for a extra resilient and aggressive power market—one which helps our Imaginative and prescient 2030 targets,” Holness is quoted within the assertion.
Holness added that the federal government appears ahead to working with Excelerate as Jamaica’s new LNG associate to drive innovation, enhance power safety, and create financial alternatives.
Based in 2003 and headquartered in The Woodlands, Texas, Excelerate Power provides a full suite of liquefied pure fuel companies, together with floating storage and regasification models (FSRUs), LNG import infrastructure improvement, and pure fuel provide. The corporate operates globally, with a presence in markets together with Abu Dhabi, Rio de Janeiro, Singapore and London.
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