SPIC wraps up stake purchase in GNA’s Brazilian LNG power project

A unit of China’s State Power Investment Corporation has finalized the deal revealed last year to buy stakes in two GNA’s plants as part of a Brazilian LNG-to-power project located in Rio De Janeiro.

SPIC Brasil wrapped up the deal with the project operator, Gas Natural Acu, on Monday, according to a joint statement.

GNA is a venture consisting of UK’s energy giant BP, Germany’s engineer Siemens, and Prumo. The Brazilian private company is controlled by US-based EIG Global Energy Partners.

SPIC purchased a 33% stake in the GNA I and GNA II LNG power plants located in Port of Acu.

Moreover, these two plants have 3 GW of installed capacity, forming the largest gas-to-power project in Latin America. This capacity is enough to supply energy for up to 14 million households, according to GNA.

The complex includes an LNG terminal with a total capacity of 21 million cubic meters per day. FSRU BW Magna arrived in June last year in the Brazilian port to start its contract serving GNA’s project.

According to the venture, GNA I, which has an installed capacity of 1.3 GW, will start operations in the first half of 2021.

To remind, BP supplied the first-ever cargo to BW’s FSRU last year. GNA will use this cargo to fire up the first power plant.

As per GNA II, this project already secured a $737 million financing agreement with the Brazilian Development Bank (BNDES).

GNA plans to launch the second 1.6 GW power plant in 2023.

Expansion plans also confirmed

The partners and SPIC will also work on two additional power plants planned for the project.

SPIC has also closed on the previously announced agreement to participate in potential future expansion projects, GNA III and GNA IV, the statement said.

These power plants would run on a combination of LNG and domestic gas from Brazil’s vast pre-salt reserves.

GNA says the estimated total planned investment in the gas and power complex would reach about $5 billion.

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