Glenfarne Group announced a $500 million investment in Texas LNG, with lead investors being investment funds and accounts managed by HPS Investment Partners, a part of BlackRock.
The investment is subject to usual and customary conditions and will support continued development and early construction works for Texas LNG, Glenfarne’s liquefied natural gas export terminal planned for the Port of Brownsville, Texas.
Glenfarne said the investment marks one of the final steps required for Texas LNG before reaching a Final Investment Decision. The funding is also intended to support the project’s recently announced Limited Notice to Proceed with Kiewit.
The Limited Notice to Proceed is part of Texas LNG’s executed lump-sum turnkey contract. The work will include issuing critical purchase orders with key equipment suppliers, EPC-phase engineering activities, and geotechnical work.
Texas LNG is being developed as one of the lowest-emitting LNG export facilities in the world. The project plans to use electric motor drives as part of its emissions-reduction approach.
The project is part of Glenfarne’s permitted North American LNG portfolio. Across Alaska, Louisiana, and Texas, Glenfarne has 32.8 MTPA of LNG capacity under development.
Texas LNG is a subsidiary of Glenfarne Group, a global energy and infrastructure company. Glenfarne is a privately held developer, owner, and operator of energy infrastructure assets.
Through its subsidiaries, Glenfarne owns and operates 60 energy assets across three core businesses: Global LNG Solutions, Grid Stability, and Renewables.
KEY QUOTE:
“This latest investment milestone is evidence of the execution readiness of Texas LNG, as it enables a number of strategic initiatives for the project, including placement of purchase orders for certain critical equipment packages.”
Vlad Bluzer, Co-President of Texas LNG and Partner at Glenfarne
