In a significant move aimed at expanding its global footprint and strengthening its position in the Caribbean energy market, Excelerate Energy, Inc. has announced the acquisition of the Jamaica LNG and Power business for a total consideration of $1.055 billion. The acquisition, which includes the purchase of natural gas and power assets operated by New Fortress Energy (NFE) in Jamaica, marks a strategic pivot for Excelerate as it seeks to diversify its portfolio and capitalize on the region’s growing demand for cleaner, more reliable energy.
The deal will see Excelerate taking full ownership of NFE’s Jamalco CHP (combined heat and power) plant, the Old Harbour power plant, Montego Bay gas terminal, and related LNG infrastructure, which have been pivotal in supplying Jamaica’s electricity grid. These assets currently provide a significant portion of the island’s energy needs, with LNG being a key component of Jamaica’s transition to lower-carbon power generation.
According to Excelerate CEO Steven Kobos, the acquisition represents a transformative opportunity for the company. “This transaction is a strong fit with our long-term strategy of expanding in markets where energy security and cleaner fuels are critical. Jamaica has made tremendous strides in modernizing its energy sector, and we are excited to contribute to its continued success,” Kobos said during the official announcement.
For Jamaica, this acquisition is not only a sign of foreign investor confidence but also a reinforcement of its commitment to sustainable energy. Over the past decade, Jamaica has actively transitioned from heavy fuel oil to natural gas and renewables, cutting emissions and reducing electricity costs. Excelerate’s entry into the market is expected to further strengthen energy reliability and enhance the competitiveness of Jamaica’s power sector.
The transaction is expected to close in the second half of 2025, subject to customary regulatory approvals and closing conditions. Excelerate plans to fund the deal through a mix of cash on hand, new debt issuance, and available credit facilities.
Industry experts view this acquisition as a win-win for both Excelerate and Jamaica. The Caribbean region has become increasingly attractive for LNG companies due to its urgent need for more affordable and cleaner power. By acquiring operational assets with a proven track record, Excelerate gains immediate cash flow and a strong platform for further growth across the region.
The deal also aligns with Excelerate’s broader strategy of expanding its downstream portfolio, offering integrated LNG-to-power solutions, and providing flexible energy solutions in emerging markets. As energy transition efforts accelerate worldwide, Excelerate is positioning itself to play a critical role in bridging the gap between traditional and renewable power sources.
With this acquisition, Excelerate Energy not only strengthens its position as a leading player in the global LNG industry but also signals a renewed commitment to supporting countries like Jamaica in their pursuit of cleaner, more resilient, and cost-effective energy systems.
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