New Fortress Energy is a fast-expanding global energy infrastructure company founded in 2014 by the celebrated business veteran Wes Edens, who is also its CEO. His goal for launching the company was to facilitate the reduction of carbon emissions by providing easy universal access to affordable, clean, and reliable energy sources. The hope is that easy access to affordable, clean, and reliable energy would also foster economic development. Since its founding, New Fortress Energy has successfully developed and constructed numerous liquefied natural gas (LNG ) terminals, clean energy generation facilities, and related logistics assets worldwide. Recently, Edens came out to discuss the company’s $725 loan facility.
Financing development and construction projects
Wes Edens mentioned that the $725 million loan facility the company just accessed would finance its development and construction activities worldwide. He pointed out at this moment, when the world is on the transition to clean energy, the responsibility falls to pioneering companies like New Fortress Energy to lead the way. Edens revealed that the clean energy infrastructure company has had big plans but financial challenges holding back their implementation.
The New Fortress Energy CEO pointed out that the $725 loan facility is bundled with highly favorable terms. Firstly, it bears a LIBOR 3.0% interest rate coupled with a 0.0% LIBOR floor. The loan has a term of three years and carries no penalties for prepayments. He clarified that he hoped the company could use the financing to enhance environmental stewardship as the world is struggling with environmental degradation and global warming.
About Wes Edens
This veteran business leader previously served as the chairman of Fortress Investment Group, a New York-based asset manager he co-founded in 1998 and was also a partner at BlackRock. He joined the billionaires club in 2007 after the asset management firm went public. Wes Edens is also the owner of the Milwaukee Bucks, a successful NBA sports franchise.
Connect Wes at professional network: http://Linkedin.com/in/wesley-edens-a6b19b3a