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Caribe LNG is a joint venture between Course2 Energy and Andalusian Energy, while ArtCap is a Cayman Islands–based private credit platform, according to a statement by Course2 Energy.
“This milestone agreement marks a significant step in the development of Colombia’s first fast-track FSU-based LNG import terminal, securing a financing facility tied to the project’s floating storage unit (FSU) and key ancillary infrastructure,” the firm said.
Course2 Energy said the financing is part of a broader capital structure that includes plans for arranging long-term senior debt facilities.
The firm noted that Colombia faces “structural energy challenges.”
Course2 Energy said declining gas production and hydroelectric shortfalls have created urgent demand for LNG imports.
Caribe LNG is designed to bridge this gap by providing a fast-track, scalable import solution that is expected to begin serving the market in 2026, according to the firm.
Besides sponsors Course2 Energy and Andalusian Energy, Energy Transition is a commercial partner of the project.
Course2 did not provide further details regarding the project, while Caribe LNG’s website also does not show other project information.
“With domestic gas production in decline and hydroelectric reliability threatened by El Nino, Colombia urgently needs a reliable, scalable solution. ArtCap’s commitment is a strong endorsement of our vision and provides the financial foundation to deliver on it,” Pablo Tribin, managing partner of Caribe LNG, said in the statement.
Colombian LNG imports
Last year, Colombia’s only FSRU-based LNG import facility in Cartagena completed its 100th ship-to-ship transfer since 2016.
SPEC LNG operates the FSRU-based terminal in which Colombian gas distributor Promigas has a 51 percent stake while Dutch Vopak holds the rest.
Hoegh Evi’s 170,000-cbm FSRU, Hoegh Grace, serves the facility and mainly receives LNG supplies from the US and Trinidad and Tobago.
There are also oher planned LNG import development in Colombia.
Last year, US-based engineer Black & Veatch completed a feasibility study for the planned Andes Energy LNG-to-power project in Colombia.
The Andes Energy Terminal (AET) would be located in the Aguadulce Peninsula in Buenaventura.
In addition, Colombia’s state-owned energy firm Ecopetrol signed a deal earlier this year with compatriot PIO SAS for regasification infrastructure on the Colombian Pacific coast.
The infrastructure will have a regasification capacity of 60 million cubic feet per day.