AUSTIN,
Texas, July 9, 2024 /PRNewswire/ -- Pennybacker
Capital Management, LLC (Pennybacker), a leading real assets
investment manager, has entered into a definitive agreement to
acquire a small-scale LNG business (Miami Facility) based in
Miami, Florida, from New Fortress
Energy Inc. (Nasdaq: NFE). Financial terms were not disclosed. The
transaction is expected to close in the third quarter of 2024
subject to customary terms and conditions.
The Miami-based business
includes a small-scale liquefaction facility capable of producing
8,300 MMBtu of LNG per day with onsite storage capacity of ~1,000
cubic meters. The facility can load LNG into both truck and rail
and is permitted to export LNG to Free Trade Agreement (FTA) and
non-FTA countries.
"We look forward to working with the Miami LNG Team to continue
serving its existing customers, as well as growing the platform to
provide cost effective and sustainable LNG solutions to new U.S.
and Caribbean customers," said
Sam Warfield, Managing Director and
Head of Critical Infrastructure at Pennybacker.
"This transaction exemplifies Pennybacker's unparalleled ability
to identify and execute on investment opportunities through both
the strength and relationships of our investment team and use of
data analytics throughout the underwriting process, resulting in
significant value creation for our investors throughout the
lifecycle of the investment," said Tim
Berry, Founder, CEO, and Co-CIO of Pennybacker.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy
infrastructure company founded to help address energy poverty and
accelerate the world's transition to reliable, affordable, and
clean energy. The Company owns and operates natural gas and
liquefied natural gas (LNG) infrastructure and an integrated fleet
of ships and logistics assets to rapidly deliver turnkey energy
solutions to global markets. Collectively, NFE's assets and
operations reinforce global energy security, enable economic
growth, enhance environmental stewardship and transform local
industries and communities around the world. For more information,
visit https://www.newfortressenergy.com/
About Pennybacker
Pennybacker Capital Management, LLC is a real assets investment
manager based in Austin, Texas,
with approximately $4 billion in
assets under management. The firm pursues real estate and
infrastructure strategies through closed-end and open-ended
vehicles across the capital structure. For more information, visit
https://www.pennybackercap.com.
Media Contacts
investorrelations@pennybackercap.com
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SOURCE Pennybacker Capital Management, LLC