Sagicor Group Jamaica Limited, SGJ, is putting up US$100 million ($15 billion) for a large stake in the LNG power plant that fuels the Jamalco refinery at Halse Hall in Clarendon and is owned by natural gas infrastructure developer and operator New Fortress Energy Inc.
The acquisition, which forms part of a US$285-million ($42-billion) financing deal that Sagicor is structuring on behalf of New Fortress, is subject to regulatory approval.
Sagicor’s investment represents 35 per cent of the purchase price. The remaining portion is expected to be farmed out among several institutional investors who will be shopped to participate in the equity deal. New Fortress, the seller, will not retain any ownership in the plant but will operate it under lease.
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