Latest news with #StevenKobos
Yahoo
16-05-2025
- Business
- Yahoo
New Fortress completes Jamaica assets sale to Excelerate for $1.05bn
New Fortress Energy has completed the sale of its Jamaican assets and operations to Excelerate Energy for $1.05bn. The assets involved in the deal comprise New Fortress Energy's LNG import terminal in Montego Bay, an offshore floating storage and regasification terminal in Old Harbour, and a 150MW combined heat and power plant in Clarendon. New Fortress and Excelerate Energy signed a definitive agreement for the transaction in March 2025. The transaction aims to bolster Excelerate's position in the region while allowing New Fortress to reduce its corporate debt. Proceeds from the sale will be directed towards reducing New Fortress Energy's revolving credit facility by $270m and to pay off $55m of a Term Loan A facility, with any remaining funds being added to the company's cash reserves on the balance sheet. New Fortress Energy CEO and chairman Wes Edens said: 'The closing of the sale of our Jamaican assets to Excelerate is a significant milestone for the company as we streamline our operations and pay down corporate debt through asset sales. '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.' To finance the acquisition, Excelerate Energy raised approximately $1bn through equity and debt financings. In the second quarter of 2025, the company completed an equity offering of eight million shares of Class A common stock at $26.5 per share, generating $212m in gross proceeds, including the greenshoe option. Additionally, Excelerate closed an $800m offering of 8% senior unsecured notes due in 2030. Excelerate CEO and president Steven Kobos said: 'The closing of this acquisition represents a significant step forward in the execution of Excelerate's downstream expansion strategy. These assets align seamlessly with our operational expertise and long-term LNG supply agreements, while also presenting promising opportunities for future growth. 'This acquisition enhances our financial outlook through its stable, long-term cash flows with predictable margins. 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.' Excelerate Energy has also recently entered a memorandum of understanding (MOU) with Petrovietnam Gas. The MOU outlines collaboration between the two companies to secure a stable supply of LNG from the US, potentially commencing as early as 2026. "New Fortress completes Jamaica assets sale to Excelerate for $1.05bn" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Wire
14-05-2025
- Business
- Business Wire
Excelerate Energy Closes Acquisition of Integrated LNG and Power Platform in Jamaica
THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) ('Excelerate' or the 'Company') today announced that it has closed its acquisition of New Fortress Energy Inc.'s (Nasdaq: NFE) business in Jamaica (the 'Acquisition'). Under the terms of the purchase agreement, Excelerate has acquired the assets and operations of the Montego Bay liquified natural gas ('LNG') Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power plant. Subsequent to the announcement of the Acquisition, the Company successfully raised approximately $1.0 billion in equity and debt financings to fund the Acquisition. In the second quarter of 2025, Excelerate completed an equity offering of eight million shares of Class A common stock at a price per share of $26.50 for $212 million of gross proceeds, inclusive of the greenshoe. Also in the second quarter, Excelerate closed an $800 million offering of 8.000% senior unsecured notes due in 2030. In connection with the closing of the Acquisition, the maturity of Excelerate's senior secured revolving credit facility (the 'Credit Agreement') was extended from March 2027 to March 2029 and the total capacity available for borrowing under the Credit Agreement was increased from $350 million to $500 million. Also concurrently with the closing of the Acquisition, the Company used proceeds from the notes offering to repay in full the existing term loan under the Credit Agreement. '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. 'These assets align seamlessly with our operational expertise and long-term LNG supply agreements, while also presenting promising opportunities for future growth. This acquisition enhances our financial outlook through its stable, long-term cash flows with predictable margins. 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.' ABOUT EXCELERATE ENERGY Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of services, including floating storage and regasification units, LNG import infrastructure development, and LNG and natural gas supply. Excelerate has a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, London, Rio de Janeiro, Singapore, and Washington, DC. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Excelerate and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding our business strategy and plans, expansion plans and strategy, objectives of management for future operations, and expected benefits of the Acquisition, including its effects on our cash flows, shareholder value, and organic growth opportunities, are forward-looking statements. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including, but not limited to, the following: our ability to realize the anticipated benefits of the Acquisition; our ability to manage the risks of the Acquisition; and other risks, uncertainties and factors set forth in any of our filings with the Securities and Exchange Commission (the "SEC"). These risks and uncertainties are described more fully in our other filings with the SEC, including our most recent Annual Report on Form 10-K. All forward-looking statements are based on assumptions or judgments about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and contingencies, many of which are outside our control. The occurrence of any such factors, events or circumstances would significantly alter the results set forth in these statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. In addition, statements that 'we believe' and similar statements reflect our beliefs and opinions on the relevant subject and based on information available to us as of the date of this press release. While we believe that the statements provided herein are supported by information obtained in a reasonable manner, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
Yahoo
29-03-2025
- Business
- Yahoo
Excelerate to acquire New Fortress' assets in Jamaica for $1.06bn
Excelerate Energy has announced a definitive agreement to acquire New Fortress Energy's downstream liquefied natural gas (LNG) and power infrastructure business in Jamaica for $1.06bn in cash. This acquisition includes the Montego Bay LNG Terminal, Old Harbour LNG Terminal and the 150MW Clarendon combined heat and power (CHP) co-generation plant, enhancing Excelerate's existing portfolio with downstream infrastructure. The assets involved are the only two LNG terminals in Jamaica and the only CHP co-generation plant, serving both power plants and industrial customers. The transaction, valued at approximately nine-times the Jamaica business' 2025 estimated adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation), will be funded through permanent financing and cash-on-hand. Excelerate has secured an $850m fully committed bridge facility to backstop the financing. The acquisition positions Excelerate as Jamaica's sole LNG platform, benefitting from first-mover advantage and its established presence in the Jamaica power system. Excelerate will gain ownership of long-term contracted assets, offering stable margins and robust recontracting opportunities. Excelerate president and CEO Steven Kobos said: 'This transaction represents an important milestone in the execution of Excelerate's downstream growth strategy. It will expand and diversify our platform, while positioning Excelerate as the key provider of essential LNG import infrastructure in a desirable and growing Atlantic basin natural gas market. 'These assets complement our existing operational expertise and our long-term LNG supply agreements, while offering the potential for future growth opportunities as natural gas becomes an increasingly essential part of Jamaica's energy mix.' The acquisition strengthens Excelerate's competitive position in the Atlantic Basin natural gas market, diversifying its geographic and operational exposure, and aligning with the company's 20-year Venture Global LNG supply agreement. Excelerate sees potential organic growth opportunities in Jamaica, such as LNG bunkering services and expanding the Clarendon CHP plant. The acquisition also presents opportunities to increase LNG fuel supply for Jamaica's industrial base, supporting the shift from oil to natural gas in Jamaica's energy mix. The Boards of Directors of both Excelerate and New Fortress Energy unanimously approved the transaction, which is expected to close by the second quarter of 2025, pending regulatory approvals and customary closing conditions. New Fortress Energy Chairman and CEO Wes Edens said: 'This transaction with Excelerate is a meaningful step as we continue to streamline our operations. We are proud of the contributions we have made to Jamaica's energy transition. 'Our Jamaican assets and employees are world-class and have played a significant role in improving both the cost and reliability of energy on the island, and we are confident that Excelerate will continue to drive meaningful progress for Jamaica's energy future.' Evercore is serving as the financial advisor, while Gibson, Dunn & Crutcher is the legal advisor to Excelerate. Barclays is leading the committed financing, with several banks providing bridge financing. Simpson Thacher & Bartlett is serving as legal advisor for the financing. Intrepid Financial Partners is serving as the financial advisor and Vinson & Elkins as the legal advisor to New Fortress Energy. Earlier this month, Excelerate Energy and Petrovietnam Gas signed a memorandum of understanding on US LNG supplies. "Excelerate to acquire New Fortress' assets in Jamaica for $1.06bn" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Egypt Today
16-03-2025
- Business
- Egypt Today
Egypt expands LNG infrastructure with new regasification agreements
CAIRO – 16 March 2025: Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, recently held discussions with Steven Kobos, CEO of the U.S.-based LNG solutions company Excelerate Energy, to explore leasing floating storage and regasification units (FSRUs). Their talks focused on strengthening Egypt's LNG sector through technical collaboration and trade partnerships, according to a ministry statement. In addition to this initiative, a government delegation will travel to Germany later this month to finalize a lease agreement for another regasification unit. Egypt is also preparing to sign an agreement with Cyprus to lease an FSRU that will be stationed in the country to help meet peak energy demand during the summer. The government is further expanding its regasification capacity in the Red Sea and Ain Sokhna. Currently, two regasification vessels are docked in the Red Sea, and plans are in place to bring a third unit to Ain Sokhna by June 2025. Additionally, a fourth unit from Turkey is expected to be operational this summer, reinforcing Egypt's energy security strategy and boosting its LNG infrastructure.
Zawya
13-03-2025
- Business
- Zawya
Egypt in talks with Excelerate Energy for floating gas unit, ministry says
Egypt is in talks with Excelerate Energy for a floating storage and regasification unit (FSRU) to help ensure steady natural gas supplies for the Egyptian domestic market, the petroleum ministry said in a statement on Thursday. Steven Kobos, CEO of Excelerate Energy, expressed his company's readiness to supply the necessary FSRUs to Egypt, according to the statement. Excelerate is a U.S. based firm offering downstream LNG infrastructure and a fleet of 11 FRSUs, according to its website. Egypt already has a floating LNG import terminal at Ain Sokhna and has contracted a second vessel that is due to start running in mid-2025. It has been exploring different options for additional gas facilities amid a chronic gas shortage and higher projected demand for electricity during the summer. Kobos also highlighted the potential for increased collaboration in LNG trading and projects, fuelled by significant confirmed reserves and new discoveries in the Eastern Mediterranean. Egypt and Cyprus signed agreements last month to enable the export of gas from Cyprus's offshore fields via Egypt as both countries seek to bolster the Eastern Mediterranean's role as an energy hub. (Reporting by Mohamed Ezz; Editing by Aidan Lewis)
