New Fortress Energy
668eb16cd1d73337787e6b3b New Fortress Energy

New Fortress Energy sells LNG transfer facility

July 10, 2024
Acquisition of small-scale Miami business by investment firm Pennybacker, expected to close in Q3, includes liquefied natural gas liquefaction, storage, and truck/rail transloading

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.

“The Miami Facility is the inaugural asset of NFE and we are proud to have built this best-in-class infrastructure,” said Wes Edens, NFE chairman and CEO. “[This] sale highlights our commitment and execution of our asset-sale program, allowing us to reduce debt and recycle proceeds into high-return downstream projects.”
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