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Excelerate Energy plans to invest up to US$400 million in energy infrastructure across Jamaica and the wider Caribbean, following its acquisition of natural gas assets from New Fortress Energy.
The move will position Jamaica as a regional hub for LNG distribution, anchoring Excelerate’s broader strategy to expand its footprint in the Caribbean energy market.
“This is about building a platform for regional growth,” said CEO Steven Kobos during the company’s investor briefing. “By 2030, we expect to invest US$200 million to US$400 million in growth capital expenditure to expand our operational presence in Jamaica and across the Caribbean.”
Excelerate, based in the United States, holds US$4 billion in total assets, including the Jamaica assets acquired in May that are valued at US$600 million. Kobos said the company has already begun selling incremental volumes of LNG and natural gas to customers in Jamaica, and expects this early momentum to continue.
“In the medium to longer term, we will make investments in larger-scale infrastructure projects that support our growth. These opportunities span a diverse range of initiatives, including new power generation, terminal expansions, LNG bunkering, and additional pipelines. The second part of our approach is to position Jamaica as a regional hub for LNG distribution across the Caribbean,” he said.
Jamaica’s geographic location – close to the US and centrally positioned in the Caribbean – gives the company a “structural cost advantage”, he said.
Kobos added that without Jamaica, the regional model would not be viable, underscoring the island’s strategic role in Excelerate’s long-term vision.
“Its proximity to the USA and key regional markets allows us to respond quickly to demand, making it an ideal launch point for LNG distribution and power development,” he said. “From there, we can efficiently deliver LNG throughout the Caribbean using smaller vessels to reduce transportation times and lower fuel costs. We see this as a natural expansion of our downstream operations and an important part of our long-term Caribbean growth strategy.”
Excelerate’s confidence in the Jamaica platform was reflected in its valuation. The company paid US$437 million above the US$600-million asset value, bringing the total consideration to US$1 billion.
“By 2030, we expect to generate US$80 million to US$110 million in incremental EBITDA from optimising the Jamaica platform,” Kobos said.
The local operations currently generate roughly US$125 million in EBITDA annually, and Excelerate’s outlook sees core earnings growing by up to four-fifths over five years. EBITDA is core earnings before accounting for interest, taxation, depreciation and amortisation.
During the March quarter, Excelerate’s Jamaica business recorded a US$13-million loss on revenue of US$94 million. Despite the short-term financial impact, Kobos emphasised that the acquisition is more than a tactical play – it’s strategic to the wider group. The company is “now positioned to deliver integrated energy solutions across the value chain,” he said.
New Fortress Energy built Jamaica’s LNG backbone, starting over a decade ago, generating around US$358 million in annual gas sales from the island alone. The company, valued at around US$2 billion, sold its Jamaica operations to reduce its US$9-billion debt load. The assets include LNG terminals in Montego Bay and Old Harbour, as well as the Clarendon combined heat and power plant.
“The Jamaica assets are exceeding our operational expectations. Thanks to the excellent condition of the assets and the deep expertise of our new Excelerate colleagues, we are well positioned to deliver sustained reliability and high operational performance,” Kobos said.
He added that the acquisition allows the group to complete its ambition of owning and operating “downstream” infrastructure to support its larger “upstream” operations. Excelerate’s business is predominantly supported by long-term “take-or-pay” contracts, which generate predictable earnings and are insulated from economic cycles.
“We aren’t exposed to tariffs. That hasn’t changed,” Kobos said.
Overall, the Excelerate group remains bullish. The company raised its full-year 2025 EBITDA guidance to between US$420 million and US$440 million, signalling confidence in the long-term value of the Jamaica platform.
English (US) ·