Texas LNG receives $500 MM as FID nears
Texas LNG has secured a $500-MM investment led by funds and accounts managed by HPS Investment Partners, part of BlackRock, providing financing to advance development and early construction activities at the company's proposed LNG export terminal in Brownsville, Texas.
The funding will support engineering, procurement and site work as the project moves closer to a final investment decision (FID). According to Glenfarne, the investment represents one of the final milestones before the project reaches FID.
The financing will also support the recently announced limited notice to proceed (LNTP) issued to Kiewit under the project's lump-sum turnkey engineering, procurement and construction contract. Initial work includes procurement of long-lead equipment, EPC engineering activities and geotechnical investigations.
Vlad Bluzer, co-president of Texas LNG and partner at Glenfarne, said the investment demonstrates the project's readiness to move into the next phase of development.
"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," Bluzer said.
Texas LNG is planned for the Port of Brownsville and is designed to use electric motor drives to reduce emissions associated with LNG production. The project is part of Glenfarne's North American LNG development portfolio, which totals 32.8 MMtpy of planned liquefaction capacity across projects in Alaska, Louisiana and Texas.
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