Excelerate Energy plans to double the volume of liquefied natural gas (LNG) moving through its Jamaican infrastructure, driven by a new supply deal with The Bahamas. The contract, signed with AxDo Bahamas Limited, will provide up to 16 trillion British thermal units (TBtu) of LNG annually over an 11-year period. Chief Executive Steven Kobos revealed during the company’s third-quarter earnings call that this deal will significantly increase Jamaica’s LNG throughput. The first phase of the project, expected to begin in early 2027, will use Jamaica as a hub for storing and shipping LNG to The Bahamas, adding $6 million in group earnings before interest, taxes, depreciation, and amortisation (EBITDA) in 2027.
The second phase, involving the deployment of a floating storage unit in The Bahamas, is projected to boost earnings to $15 million annually. Kobos noted that the cost of building out the Bahamas storage would exceed $95 million, including the conversion of an LNG carrier into a floating storage unit (FSU). Excelerate reported record quarterly adjusted EBITDA of $133.5 million, up from $120.1 million in the previous quarter and $129.3 million a year earlier. Net income also rose to $60 million, while revenue fell to $297.2 million due to timing of deliveries under its Atlantic Basin agreement.
The company acquired the Montego Bay and Old Harbour LNG terminals, along with the Clarendon combined heat and power plant, from New Fortress Energy for approximately $1.05 billion in May 2025. Kobos emphasized that the Bahamas LNG Hub and the integrated Jamaica platform are key components of Excelerate’s multi-phase Caribbean growth strategy. Together with planned FSRU deployments in Colombia, these developments aim to strengthen the company’s position to meet growing LNG demand across the region.