Glenfarne Energy Transition’s Texas LNG Moves to Execution Phase of Project Financing
Follows completion of required permitting and execution of offtake arrangements
NEW YORK & BROWNSVILLE, Texas–(BUSINESS WIRE)–Texas LNG, a four million tonnes per annum (“MTPA”) liquefied natural gas (“LNG”) export terminal to be constructed in the Port of Brownsville, and a subsidiary of Glenfarne Energy Transition, LLC (“Glenfarne”), a global energy transition leader providing critical solutions to lower the world’s carbon footprint, has received sufficient expressions of interest from leading project finance banks to move to the execution phase of project financing. Glenfarne has also appointed Latham & Watkins as Borrower’s counsel and Milbank as Lenders’ counsel for the issuance.
These lenders have been key supporters of Glenfarne, having led over $4 billion of financing to Glenfarne’s businesses over the last 10 years, supporting the acquisition and/or construction of various energy transition focused assets. Furthermore, these banks are active in LNG, having participated in approximately $44 billion of project finance debt to the U.S. LNG sector alone over the last 24 months.
“Texas LNG’s financing consortium will be comprised of the world’s leading institutions that recognize the attributes of the project and Glenfarne’s excellent history of building energy transition infrastructure,” said Brendan Duval, CEO and Founder of Glenfarne Energy Transition.
Today’s news follows Texas LNG’s recent announcement that it signed a Heads of Agreement (“HOA”) with EQT Corporation (“EQT”) for natural gas liquefaction services for 0.5 MTPA of LNG. Texas LNG also recently announced partnerships with Baker Hughes and ABB to help develop the terminal, representing more than half a billion dollars’ worth of equipment selections for Texas LNG to date.
The first LNG exports from Texas LNG are expected to be shipped in 2028.
About Texas LNG
Texas LNG is a 4 MTPA LNG export facility to be constructed in the Port of Brownsville, Texas and a subsidiary of global energy transition leader, Glenfarne Energy Transition, LLC. Texas LNG is led by an experienced team committed to creating one of the greenest LNG facilities in the world through electric motor drives resulting in the cleanest, lowest emitting LNG exports from the U.S. Additional information about Texas LNG may be found on its website at www.texaslng.com.
About Glenfarne Energy Transition
Glenfarne Energy Transition, LLC is a subsidiary of Glenfarne Group, LLC, a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas, with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Barcelona, Spain; and Seoul, South Korea. Glenfarne Energy Transition aims to address the “here and now” global energy transition through three core businesses: Global LNG Solutions, Renewables, and Grid Stability. The company’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America. For more information, please visit www.GlenfarneEnergyTransition.com
Contacts
Kris Cole
Pro-glenfarne@prosek.com
(310) 652-1411