Pennybacker Acquires Miami LNG Business

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(Pennybacker Capital, 9.Jul.2024) — Pennybacker Capital Management, LLC, a real assets investment manager, has entered into a definitive agreement to acquire a small-scale LNG business (Miami Facility) based in Miami, Florida, from New Fortress Energy Inc. Financial terms were not disclosed. The transaction is expected to close in the third quarter of 2024 subject to customary terms and conditions.

The Miami-based business includes a small-scale liquefaction facility capable of producing 8,300 MMBtu of LNG per day with onsite storage capacity of ~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.

“We look forward to working with the Miami LNG Team to continue serving its existing customers, as well as growing the platform to provide cost effective and sustainable LNG solutions to new U.S. and Caribbean customers,” said Sam Warfield, Managing Director and Head of Critical Infrastructure at Pennybacker.

“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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