Pennybacker Capital Management has acquired Miami LNG, New Fortress Energy’s Florida-backed liquefied natural gas (LNG) production and distribution business.
Miami LNG runs a small-scale liquefaction operation equipped with one liquefaction train that produces up to approximately 100,000 gallons of LNG per day.
The facility also has three LNG storage tanks with a total capacity of around 1,000 cubic meters and two separate LNG transfer areas capable of serving both truck and rail.
New Fortress Energy first announced its plans to sell the asset in July 2024. At the time, the company said the plant is authorised to export up to 60,000 tonnes of LNG per annum for a 20-year term that began in 2016.
Read more: New Fortress Energy to sell Miami liquefaction and storage site
In connection with the acquisition, Pennybacker has appointed Daniel McLaughlin as President and Chief Commercial Officer to lead the Miami LNG business.
To the role, McLaughlin brings over 10 years of experience in the energy sector.
He described the Miami LNG business as critical for supporting the energy transition in underserved markets. Adding that he is honoured to be leading the business.
“The Miami LNG business is uniquely positioned to deliver innovative energy solutions to our customers across the Southeast and the Caribbean, and I look forward to working with our talented team to unlock new opportunities and drive long-term success.”
Pennybacker Capital Management is a real assets investment manager based in Austin, Texas, with offices in Charlotte, North Carolina, Dallas, Texas, Denver, Colorado, and New York, New York, with approximately $4bn in assets under management.
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