New Fortress Energy to sell Miami ssLNG facility to infrastructure fund
New Fortress Energy has entered into a definitive agreement to sell its small-scale liquefaction and storage facility in Miami, Florida to an unnamed middle-market infrastructure fund, it said on 1 July 1.
The transaction is expected to close in the third quarter of 2024, subject to customary terms and conditions. The company did not disclose the value of the deal.
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The Miami facility has one liquefaction train capable of producing 8,300 mmBtu/day of LNG. The facility has three LNG storage tanks with a total capacity of approximately 1,000 m³, as well as two separate LNG transfer areas capable of serving both truck and rail. The facility is authorised to export up to 60,000 tonnes/year of LNG to free trade agreement (FTA) and non-FTA countries for a 20-year term that began in February 2016.
“The Miami facility is the inaugural asset of NFE and we are proud to have built this best-in-class infrastructure. Today’s sale highlights our commitment and execution of our asset sale programme, allowing us to reduce debt and recycle proceeds into high-return downstream projects,” said Wes Edens, CEO of New Fortress Energy.
The company recently announced that it expects to start production of liquefied natural gas at its offshore Altamira-based plant in Mexico and would begin shipping the gas in July.