New Fortress Energy Inc. (NFE) has announced that it has entered into definitive agreements to acquire Hygo Energy Transition Ltd, a 50:50 joint venture between Golar LNG Limited and Stonepeak Infrastructure Fund II Cayman (G) Ltd, a fund managed by Stonepeak Infrastructure Partners, and Golar LNG Partners, LP (GMLP).
“With a strong presence in Brazil and a world-class LNG shipping business, Hygo and GMLP are excellent additions to our efforts to accelerate the world’s energy transition,” said Wes Edens, Chairman and CEO of NFE. “The addition of Hygo will quickly expand our footprint in South America with three gas-to-power projects in Brazil’s large and fast-growing market. With GMLP, we gain LNG ships and world-class operators that are an ideal fit to support our existing terminals and robust pipeline.”
“We are impressed with what Wes Edens and the NFE team have created and their commitment to changing the energy industry,” said Golar LNG Chairman Tor Olav Troim. “They share our vision to provide cheaper and cleaner energy to a growing population. The consolidation of two of the entrepreneurial LNG downstream players gives the company improved access to capital and creates a unique world-leading energy transition company which Golar shareholders will benefit from being a part of going forward.”
“Tor Olav Trøim and his teams have been pioneers in the global shipping and energy industries,” continued Edens. “The addition of this great portfolio of assets enhances our fully integrated approach and we’re excited for them to become part of NFE. This is a great step towards our goal of finishing this year with fifteen to twenty terminals that bring more clean and affordable energy to growing markets around the world.”
With the acquisition of Hygo, NFE will acquire an operating floating storage and regasification unit (FSRU) terminal and a 50% interest in a 1500 MW power plant in Sergipe, Brazil as well as two other FSRU terminals with 1200 MW of power in advanced stages in Brazil. Hygo’s fleet consists of a newbuild FSRU and two operating LNG carriers.
NFE will also acquire a leading owner of FSRUs and LNG carriers as well as a pioneer in floating liquefaction technologies with the GMLP transaction. The addition of GMLP’s fleet of six FSRUs, four LNG carriers, and a 50% interest in Trains 1 and 2 of the Hilli, a floating liquefaction vessel, is expected to support both NFE’s existing facilities and international project pipeline.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/14012021/new-fortress-energy-to-acquire-hygo-and-golar-lng-partners/
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