US LNG player New Fortress Energy has completed the sale of its 20 percent equity interest in Energos Infrastructure to funds managed by compatriot asset manager Apollo.
NFE said in statement it intends to use net proceeds from this transaction for general corporate purposes, including repaying debt and investing in accretive downstream projects.
The firm did not provide further details.
NFE and Apollo completed the formation of their $2 billion joint venture Energos in August 2022.
Following the completion of the sale, Apollo now owns 100 percent in Energos.
Energos owns and operates 13 LNG infrastructure vessels, consisting of 9 floating storage and regasification units, 2 floating storage units, and 2 LNG carriers.
The firm recently purchased two 2021-built FSRUs from affiliates of Greece’s Dynagas.
NFE said it currently charters six vessels from Energos and will maintain an “active relationship” with Energos to support NFE’s global operations through vessel charters for a period up to 20 years.
These charters have either commenced or will start upon expiration of each vessel’s existing third-party charter agreement.
“We are pleased to have established Energos with Apollo Funds, our joint venture partner, and to have built it into a premier LNG maritime infrastructure company today,” Wes Edens, chairman and CEO of NFE, said.
“Completing the sale of our interest to Apollo Funds allows us to recycle proceeds into high return downstream projects and to reduce debt,” he said.
