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Property and Equipment, net | 9 Months Ended
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Sep. 30, 2025
Property, Plant and Equipment [Abstract] |
Property and equipment, net | Property and equipment, net As of September 30, 2025 and December 31, 2024, the Company’s property and equipment, net consisted of the following (in thousands):
| September 30, 2025 |  |  | December 31, 2024 |
Floating terminals and related equipment | $ | 2,593,347 |  |  | $ | 2,535,748 |
Power generation |  | 190,317 |  |  |  | — |
Fixed terminals and gas pipeline |  | 256,333 |  |  |  | — |
Finance lease right-of-use assets |  | 40,007 |  |  |  | 40,007 |
Other equipment |  | 23,686 |  |  |  | 25,359 |
Assets in progress |  | 187,057 |  |  |  | 112,429 |
Less accumulated depreciation |  | (1,161,107 | ) |  |  | (1,090,647 | )
Property and equipment, net | $ | 2,129,640 |  |  | $ | 1,622,896 |
For the three months ended September 30, 2025 and 2024, depreciation expense was $27.2 million and $22.2 million, respectively. For the nine months ended September 30, 2025 and 2024, depreciation expense was $70.6 million and $73.7 million, respectively. Newbuild Agreement In October 2022, Excelerate entered into a construction agreement (“the Newbuild Agreement”) with HD Hyundai Heavy Industries Co., Ltd. to construct a 170,000 m 3 floating regasification terminal. T he Company made milestone payments of approximately $50 million, $30 million and $20 million in the fourth quarter of 2024, first quarter of 2025 and second quarter o f 2025, respectively. The final installment is due concurrently with the delivery of the terminal, which is expected in 2026. Jamaica Assets In May 2025, the Company acquired the Montego Bay LNG Terminal, the Old Harbour LNG Terminal and the Clarendon combined heat and power co-generation plant, all of which are located in Jamaica. The purchase was funded as part of the Acquisition.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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