Glenfarne Group, LLC announced a $500 million investment, with lead investors being investment funds and accounts managed by global investment firm, HPS Investment Partners, a part of BlackRock.
The investment, which is subject to usual and customary conditions, will support the continued development and early construction works of Texas LNG, Glenfarne’s liquefied natural gas (LNG) export terminal at the Port of Brownsville. This announcement marks one of the final steps required for Texas LNG before achieving Final Investment Decision (FID).
The purpose of the investment for Texas LNG
The investment supports the recently announced Limited Notice to Proceed (LNTP) with Kiewit as part of the project’s executed lump-sum turnkey contract. As Texas LNG continues to progress towards FID, the LNTP will include the issuance of critical purchase orders with key equipment suppliers, EPC-phase engineering activities, and geotechnical work.
“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,” said Vlad Bluzer, Co-President of Texas LNG and Partner at Glenfarne.
Texas LNG is being developed as one of the lowest-emitting LNG export facilities in the world through the use of electric motor drives. The project is part of Glenfarne’s permitted North American LNG portfolio, which totals 32.8 MTPA of capacity under development across Alaska, Louisiana, and Texas.
About Texas LNG
Texas LNG is an LNG export facility to be constructed at the Port of Brownsville, Texas, and a subsidiary of global energy and infrastructure leader Glenfarne Group, LLC. Texas LNG is led by an experienced team committed to developing one of the cleanest, lowest-emitting LNG export facilities in the world through the use of electric motor drives. Additional information about Texas LNG may be found at www.texaslng.com.
