NFE to sell Miami small-scale liquefaction plant

US LNG firm New Fortress Energy said it had agreed to sell its liquefaction and storage facility in Miami, Florida to a US middle-market infrastructure fund.

NFE did not reveal the name of the fund or the price tag of the deal in a statement issued on Monday.

According to the statement, NFE expects to complete the transaction in the third quarter of 2024, subject to customary terms and conditions.

The Miami facility has one liquefaction train capable of producing 8,300 MMBtu of LNG per day.

Also, the facility has three LNG storage tanks with a total capacity of about 1,000 cubic meters as well as two separate LNG transfer areas capable of serving both truck and rail, NFE said.

The facility is authorized to export up to 60,000 tonnes per annum of LNG to free trade agreement and also non-FTA countries for a 20-year term that began on February 5, 2016, it said.

According to NFE’s website, the facility supplies LNG to transportation, commercial, and industrial users in South Florida and the Caribbean.

“The Miami facility is the inaugural asset of NFE and we are proud to have built this best-in-class infrastructure,” said Wes Edens, chairman and CEO of NFE.

“Today’s sale highlights our commitment and execution of our asset sale program, allowing us to reduce debt and recycle proceeds into high return downstream projects,” he said.

Pennybaker to buy Miami facility

Pennybacker Capital Management said in a statement issued on July 9 that it has agreed to buy a small-scale LNG business based in Miami, Florida, from NFE.

The company also did not reveal the financial details of the deal.

“We look forward to working with the Miami LNG team to continue serving its existing customers, as well as growing the platform to provide cost effective and sustainable LNG solutions to new US and Caribbean customers,” Pennybacker said.

(Article updated on July 9 to say that Pennybaker will buy the facility.)

Most Popular

Adnoc, ENN seal 15-year LNG SPA

UAE’s Adnoc has signed a 15-year sales and purchase agreement with Chinese independent gas distributor ENN to supply the latter with LNG from its LNG terminal in Al Ruwais.

Excelerate in $700 million senior notes offering

US FSRU player Excelerate Energy aims to raise about $700 million via an offering of unsecured senior notes due 2030.

LNG shipping rates continue to decrease

Spot LNG freight shipping rates in both basins continued to decrease this week, while European prices increased compared to last week.

More News Like This

Excelerate in $700 million senior notes offering

US FSRU player Excelerate Energy aims to raise about $700 million via an offering of unsecured senior notes due 2030.

Excelerate buys NFE’s Jamaica business for $1.05 billion

US FSRU player Excelerate Energy has entered into a definitive agreement with compatriot LNG player New Fortress Energy to acquire NFE’s business in Jamaica for $1.055 billion in cash.

NFE amends Puerto Rico gas supply contract

US LNG player New Fortress Energy has amended its recently extended 80 TBtu islandwide gas supply contract with the Puerto Rico Electric Power Authority.

NFE shipped 12 Altamira LNG cargoes

US LNG firm New Fortress Energy has shipped 12 liquefied natural gas cargoes from its FLNG project off Mexico's Altamira since August last year, while the company continues to move forward with work on its second unit, which will be installed onshore Altamira.