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New Fortress Energy Inc. (NFE), which is the parent organization of Genera PR, the private manager of the Puerto Rico Electric Power Authority’s legacy generating assets, has finalized the sale of its liquefaction and storage plant in Miami to a U.S. middle market infrastructure fund, as part of a series of initiatives aimed at increasing liquidity.
The transaction with Pennybacker Capital Management was completed this week after being announced over the summer.
The facility includes a single liquefaction train capable of producing up to 8,300 MMBtu (Metric Million British thermal units) of liquefied natural gas (LNG) daily, servicing the hospitality, industrial, transportation, aerospace, and marine bunkering industries in Florida and the Caribbean. The operation provides cost savings of 15-40% compared to conventional fuels.
Daniel McLaughlin has been named president and chief commercial officer to oversee the Miami LNG operation, bringing more than a decade of experience in the energy sector. This acquisition is intended to foster energy transition in underserved markets and enhance LNG solutions throughout the Southeast and Caribbean regions.
The facility comprises three LNG storage tanks with a combined capacity of around 1,000 cubic meters and two distinct LNG transfer stations that can cater to both truck and rail. It has the authorization to export up to 60,000 metric tons of LNG annually to Free Trade Agreement (FTA) and Non-FTA countries for a 20-year period commencing February 5, 2016.
“The Miami Facility represents NFE’s first asset, and we take pride in having established this top-tier infrastructure,” stated Wes Edens, chairman and CEO of New Fortress Energy, in an announcement. “The recent sale underscores our dedication to and execution of our asset divestiture strategy, enabling us to lower debt levels and reinvest the proceeds into high-return downstream initiatives.”
