Glenfarne’s Texas LNG says moves to execution phase of project financing

Glenfarne Group’s Texas LNG, the developer of the planned 4 mtpa LNG export terminal in the port of Brownsville, has received sufficient expressions of interest from project finance banks to move to the execution phase of project financing.

“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,” the firm said in a statement.

Furthermore, these banks are active in LNG, having participated in about $44 billion of project finance debt to the U.S. LNG sector alone over the last 24 months, Glenfarne said.

The firm has also appointed Latham & Watkins as borrower’s counsel and Milbank as lenders’ counsel for the issuance.

“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.

This move follows Texas LNG’s recent announcement that it secured the final permits for the project and also the signing of a heads of agreement with US natural gas producer EQT for natural gas liquefaction services for 0.5 mtpa of LNG.

Texas LNG also previously selected Swiss engineering group ABB and US energy services firm Baker Hughes to supply equipment for its LNG project.

This represents more than half a billion dollars’ worth of equipment selections for Texas LNG to date, according to the firm.

The first LNG exports from Texas LNG are expected to be shipped in 2028.

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