New Fortress Energy has sold its 20% stake in LNG infrastructure company Energos Infrastructure to funds managed by the floating regasification venture’s main shareholder, Apollo.
The US-listed company, which did not reveal the pricing on the stock sale, plans to use the net proceeds for “general corporate purposes, including repaying debt and investing in accretive downstream projects”.
New Fortress said it charters six vessels from rapidly growing Energos, which recently snapped up two Dynagas floating storage and regasification units.
New Fortress, which is in the process of trying to fire up its first floating LNG production project, said it will maintain “an active relationship” with Energos to support its global operations through vessel charters for up to 20 years.
“These charters have either commenced or will commence upon the expiration of each vessel’s existing third-party charter agreement,” New Fortress said.
Chief executive Wes Edens said: “Completing the sale of our interest to Apollo Funds allows us to recycle proceeds into high-return downstream projects and to reduce debt.”
Energos was set up in August 2022 by New Fortress and asset manager Apollo Funds.
It was formed to take on a large chunk of the shipping interests New Fortress had acquired when it bought out Hygo Energy Transition and Golar LNG Partners in 2021.
Energos owns and operates 13 LNG vessels: nine FSRUs, two floating storage units and two LNG carriers.
