New York-based Glenfarne Group, the developer of two US LNG export projects, said it had formed a new unit to focus on high-growth emerging markets and addressing the “here and now” global energy transition.
According to a statement by the US firm, Glenfarne Energy Transition (GET) would operate through three core businesses. These are global LNG solutions, renewables, and grid stability.
GET believes that the world needs to adopt renewables at an accelerating rate to “fight climate change and achieve energy security, but economies globally lack sufficient grid stability to maximize the power of renewables,” the statement said.
“Responsibly sourced and environmentally sensible US liquefied natural gas (LNG) is one of the most financially and logistically flexible fuels to help fill this need while countries bring modern power grids and other renewable infrastructure online,” Glenfarne said.
GET’s existing assets include grid stability power plants, renewable assets, gas pipelines, gas processing plants, and two LNG export projects approved for 12.8 million tonnes per annum of export capacity.
The company is developing the 4 mtpa Texas LNG project. Earlier this year, the firm said it had expected to take FID to build the facility in 2022 and to start commercial operations in 2026.
In addition, Glenfarne is working on the 8.8 mtpa Magnolia LNG project in Lake Charles, Louisiana, which won an approval from the US DOE to export an additional 0.8 mtpa of LNG to non-FTA countries.
“We look forward to making final investment decisions for Texas LNG later this year and Magnolia LNG in 2023,” Brendan Duval, CEO and founder of Glenfarne and GET, said in the statement.
“Together with our LNG import terminal developments and projected renewables and grid stability expansion, our business model is even more attractive and offers multiple growth vectors,” Duval said.