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New Fortress Energy agrees to sell Miami liquefaction and storage facility

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New Fortress Energy Inc. has entered into a definitive agreement to sell its liquefaction and storage facility in Miami, Florida to a U.S. middle-market infrastructure fund. The transaction is expected to close in the third quarter of 2024, subject to customary terms and conditions.

The Miami Facility, a small-scale liquefaction plant, features one liquefaction train capable of producing 8,300 MMBtu of LNG per day. It houses three LNG storage tanks with a total capacity of approximately 1,000 cubic meters and includes two separate LNG transfer areas designed for both truck and rail services. Additionally, the facility holds authorization to export up to 60,000 tons of LNG per annum to Free Trade Agreement and Non-FTA countries for a 20-year term that began on February 5, 2016.

Wes Edens, chairman and CEO of New Fortress Energy, stated, “The Miami Facility is the inaugural asset of NFE and we are proud to have built this best-in-class infrastructure. Today’s sale highlights our commitment and execution of our asset sale program, allowing us to reduce debt and recycle proceeds into high return downstream projects.”

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