Pennybacker Capital Management, a real assets investment manager, has agreed to acquire a small-scale LNG business based in Miami from New Fortress Energy (NFE). Financial terms were not disclosed.
The Miami facility business includes a small-scale liquefaction facility capable of producing 8,300 million British thermal units (MMBtu) of LNG per day with onsite storage capacity of approximately 1,000 cubic meters. The facility can load LNG into both truck and rail and is permitted to export LNG to free trade agreement (FTA) and non-FTA countries.
“This transaction exemplifies Pennybacker's unparalleled ability to identify and execute on investment opportunities through both the strength and relationships of our investment team and use of data analytics throughout the underwriting process, resulting in significant value creation for our investors throughout the lifecycle of the investment,” said Tim Berry, founder, CEO and co-CIO of Pennybacker.
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