By The Star Staff
New Fortress Energy Inc. (NFE), the parent company of Genera PR, the private operator of the Puerto Rico Electric Power Authority’s legacy power plants, has closed the sale of its liquefaction and storage facility in Miami to a U.S. middle market infrastructure fund, one in a series of actions to gain liquidity.
The sale to Pennybacker Capital Management was completed this week but it had been announced during the summer.
The facility features one liquefaction train producing up to 8,300 MMBtu (Metric Million British thermal units) per day of liquefied natural gas (LNG), serving hospitality, industrial, transportation, aerospace, and marine bunkering sectors in Florida and the Caribbean. The business offers 15-40% cost advantages over traditional fuels.
Daniel McLaughlin has been appointed as president and chief commercial officer to lead the Miami LNG business, bringing over 10 years of energy sector experience. The acquisition aims to support energy transition in underserved markets and expand LNG solutions across the Southeast and Caribbean regions.
The facility has three LNG storage tanks with a total capacity of approximately 1,000 cubic meters as well as two separate LNG transfer areas capable of serving both truck and rail. The facility is authorized to export up to 60,000 metric tons per annum of LNG to Free Trade Agreement (FTA) and Non-FTA countries for a 20-year term that began on Feb. 5, 2016.
“The Miami Facility is the inaugural asset of NFE and we are proud to have built this best-in-class infrastructure,” said Wes Edens, chairman and CEO of New Fortress Energy, according to a statement. “Today’s sale highlights our commitment to and execution of our asset sale program, allowing us to reduce debt and recycle proceeds into high return downstream projects.”
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