Wes Edens Announces LNG Deal and Operations in Sri Lanka
Wes Edens, the owner of New Fortress Energy and a well-known investor in sports teams and other businesses, announced that his company has reached an agreement with Sri Lanka to construct a LNG terminal. The project will cost approximately $2 billion USD, and is expected to be completed by 2021. This will make it the first LNG terminal in Sri Lanka. Wes Edens has invested heavily into renewable energy sources in the past few years as he believes they are better for long term sustainability than fossil fuels.
New Fortress Energy is based out of Connecticut and owns several other companies as well including railroad operator Genesee & Wyoming Inc., which operates about 500 miles of track across nine US states; natural gas utility WGL, which owns or operates about 25 billion cubic feet of gas storage and supplies more than 40 million homes with natural gas; and Great Lakes Gas Transmission Company LLC., a pipeline that transports propane from the Gulf Coast to an area spanning Ohio, Michigan, Indiana, and Ontario.
Wes Edens is a very well-known and experienced investor. He has an undergraduate degree from Oregon State University, where he played basketball for the Beavers; as well as an MBA from Stanford Graduate School of Business. Wes Edens began his career at Lehman Brothers in 1983 before moving into private equity with BlackRock Financial Management Inc. in 1985. Wes Edens has since founded three private equity firms.
Fortress Investment Group, which was one of the world’s leading investment groups until it went bankrupt due to bad bets on risky assets; Wainscoat Capital Partners, a $400 million fund focused on investments in various energy sectors and THL Partners with former Lehman Brothers executive Richard Turnill. Wes has experience in acquisitions as he led the purchase of FirstMark Capital, a New York-based investment firm with more than $12 billion under management; and also successfully completed the takeover and turnaround of Ascent Entertainment Group LLC when it was on the brink of bankruptcy back in 2007.
Watch Wes YouTube Channel: http://Youtube.com/watch?v=dMXw0DNurt4