New Fortress Energy Surges on Revived Puerto Rico LNG Deal (3)

Billionaire Wes Edens’ New Fortress Energy Inc. has finalized a seven-year deal worth $4 billion to supply liquefied natural gas to Puerto Rico, the governor confirmed on Tuesday, giving the financially-strained company a shot in the arm.

Shares of the New York-based company surged the most on record, climbing 45%. Bonds for New Fortress Energy debt also jumped on the report of the contract news.

This interim agreement caps months of tumultuous negotiations to renew a longterm agreement for LNG to Puerto Rico, which relies on energy imports for its power demand. The deal still requires final approval from ...