New Fortress Energy sells LNG transfer facility

Pennybacker Capital Management recently agreed to acquire an LNG liquefaction and storage facility in Miami from New Fortress Energy (NFE).

Financial terms of the transaction, expected to close in Q3, were not disclosed.

“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 U.S. and Caribbean customers,” Sam Warfield, Pennybacker managing director and head of critical infrastructure, said in a news release.

The small-scale business can produce up to 8,300 MMBtu of LNG per day and store approximately 1,000 cubic meters of LNG in three storage tanks, the companies reported. The facility can transfer LNG to trucks and rail cars and is permitted to export up to 60,000 tonnes per annum of LNG to Free Trade Agreement (FTA) and non-FTA countries.