Business, Company, Entrepreneur

Wes Edens Files for New Fortress Energy Initial Public Offering

In November 2014, Fortress Investment Group started New Fortress Energy to handle infrastructure and natural gas in Jamaica. The company ran by Wes Edens officially filed for its IPO, Initial Public Offering on November 9, 2018, but the company did not disclose the date of the IPO. Since its innovation, the company has grown tremendously to become one of the leading gas to power companies in the region. Apart from the first terminal in Jamaica, New Fortress Energy has other terminals in Ireland, Puerto Rico, and Mexico. The terminal in Jamaica receives its by-products from another facility owned by New Fortress that operates in Miami, Florida. Wes Edens is hopeful that the company will have ten more liquefaction facilities by 2023. The company hopes to raise over $100 million through the impending IPO.

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The reason for looking for funding through the IPO is due to the plans of new investment projects in the company’s strategy. One such project is the proposed Baja California Sur plant construction in Mexico. The terminal for importing liquefied gas is in the hands of a developer for a long-term contractor basis. The contractor will construct, develop, and operate the terminal at the Pichilingue port. On July 19, 2018, Wes Edens handed the $184 million project to Port Authority of Baja California Sur. The project is set to commence by 2020 marking the terminal as the first of its kind in Baja California Sur upon completion. The plant will have a positive impact on the community because it will force the existing power plants to reduce power costs by up to 30 percent. New Fortress will collaborate with the officials, industries and the community in the development of the new project. Another plant owned by Fortress New Energy is the 120-MW plant at Montego Bay.

Wes Edens started Fortress Investment Group in 1998 with an initial capital of $400 million and 30 employees. Currently, the company has 1,200 employees, and its assets total to $72 billion. The company offers investment strategies to institutional and private customers globally. Edens continues to expand the company by initiating different new projects frequently. The idea of investing in the Jamaica Liquefied Natural gas came to help the community to stop using dirty fuel and adopt natural gas. The company hopes that The IPO will benefit future projects in a significant way.

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