New Fortress Energy Inc. announced on May 14, 2025, the completion of the sale of its assets and operations in Jamaica to Excelerate Energy, Inc. for $1.055 billion. The proceeds from this transaction are designated for reducing New Fortress Energy's corporate debt and for general corporate purposes, including paying down $270 million of its Revolving Credit Facility and $55 million of its Term Loan A facility.
Concurrently, the company reported its financial results for the first quarter of 2025, with an Adjusted EBITDA of $82 million, which the company stated was entirely comprised of core earnings. Revenues for the quarter were $470.5 million, a decrease from $679.0 million in Q4 2024, and the company posted a net loss of $197.4 million, with diluted EPS of -$0.73.
Operationally, the Fast LNG asset has been fully commissioned, and efforts are underway to increase liquefaction capacity through optimization projects. In Brazil, the 624 MW CELBA plant is approximately 95% complete, and the PortoCem power plant is over 50% complete, with earnings from CELBA expected to commence in the third quarter of 2025. These developments are fully funded with asset-level debt already in place.
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