The Company intends to use net proceeds from this transaction for general corporate purposes, including repaying debt and investing in accretive downstream projects
New Fortress Energy completes sale of stake in Energos Infrastructure. (Credit: Energos Infrastructure Management, LLC.)
New Fortress Energy Inc. (NASDAQ: NFE) (the “Company”) announced that it has completed the sale of its 20% equity interest in Energos Infrastructure (“Energos”) to funds managed by Apollo (NYSE: APO) (the “Apollo Funds”). The Company intends to use net proceeds from this transaction for general corporate purposes, including repaying debt and investing in accretive downstream projects.
Energos is a global maritime infrastructure company formed by NFE and Apollo Funds in August 2022 to provide LNG delivery, storage, and regasification services to a diverse customer base comprised of utilities and energy companies under long-term charters. Energos owns and operates 13 LNG infrastructure vessels, consisting of 9 Floating Storage and Regasification Units, 2 Floating Storage Units, and 2 LNG carriers.
NFE currently charters six vessels from Energos and will maintain an active relationship with Energos to support NFE’s global operations through vessel charters for a period up to 20 years. These charters have either commenced or will commence upon expiration of each vessel’s existing third-party charter agreement.
“We are pleased to have established Energos with Apollo Funds, our joint venture partner, and to have built it into a premier LNG maritime infrastructure company today. Completing the sale of our interest to Apollo Funds allows us to recycle proceeds into high return downstream projects and to reduce debt,” said Wes Edens, Chairman and CEO of New Fortress Energy.
Source: Company Press Release