New York City-based New Fortress Energy secured an $800 million loan from funds and accounts managed by units of Apollo Global Management to fund its liquefied natural gas (LNG) infrastructure.
Net proceeds of the loan will be used to fund the development and construction of New Fortress’s energy infrastructure projects around the world, and to repay the company’s existing $500 million term loan facility in full.
“This transaction provides additional capital for us to continue to build LNG terminals and infrastructure around the world,” said in a stamentt New Fortress chairman and CEO Wes Edens.
Apollo is a global alternative investment manager with approximately $323 billion of assets under management as of September 2019 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.
New Fortress Energy has been developing LNG infrastructure in Jamaica and Puerto Rico and has also been contracted to develop an LNG terminal to supply natural gas to Angola for power generation.