IDB backs El Salvador FSRU

The Inter-American Development Bank (IDB) said it has structured a $128.3 million package to finance a floating storage and regasification unit to be installed in El Salvador.

The financial package has a 15-year tenor and consists of a $85.8 million loan from IDB Invest, a part of the IDB Group, and a $42.5 million loan from the Chinese Co-financing Fund for Latin America and the Caribbean, the bank said in a statement.

In addition, the duo provided the loan to FSRU Ltda. de CV in El Salvador.

To remind, Keppel’s Singapore shipyard is currently converting a 2002-built LNG carrier to an FSRU for a joint venture consisting of BW’s LNG unit and US-based Invenergy.

BW secured Shell’s 135,000-cbm carrier Gallina for the project renaming it to BW Tatiana.

Following completion this year, the FSRU will depart to the Port of Acajutla in El Salvador.

The vessel will sit 1.2 km offshore the Port of Acajutla in the department of Sonsonate.

There, it will provide fuel to the integrated project that includes a 378-megawatt natural gas-fired power plant. IDB has also granted a loan of $60 million for the construction of the plant.

The project developed by Inverengy’s Energía del Pacífico will become El Salvador’s first LNG-to-power project.

“By supplying LNG as an input for the plant, the project will help diversify El Salvador’s energy matrix, reduce reliance on heavy fuel oil, and also reduce dependence of electricity imports from the region,” IDB said in the statement.

Most Popular

Venture Global’s CP2 LNG to start mobilization and site preparation

Venture Global LNG's CP2 LNG has received approval from the US FERC to start mobilization and other limited activities for the LNG project in Louisiana.

Prime Infra to buy 60 percent stake in First Gen’s Batangas LNG terminal

First Gen has entered into a deal with Prime Infrastructure Capital under which the latter will acquire a 60 percent equity stake in First Gen's gas business in the Philippines, including the Batanagas LNG terminal.

BP seals LNG SPA with India’s Torrent Power

A unit of UK-based energy giant BP has signed a long-term liquefied natural gas (LNG) supply deal with India's Torrent Power.

More News Like This

Hanwha Ocean starts work on BW LNG’s vessel

South Korean shipbuilder Hanwha Ocean has officially kicked off construction on a new 174,000-cbm LNG carrier for BW LNG,...

BW LNG seals Jordan FSU charter deal

In addition, NEPCO will acquire ownership of the vessel at the end of the charter period, BW LNG said...

Hanwha Ocean kicks off work on BW LNG’s carrier

South Korea's Hanwha Ocean has officially started building a new 174,000-cbm LNG carrier for BW LNG, a unit of...

CNOOC to supply LNG cargo to First Gen’s Batangas FSRU terminal

Power producer First Gen has awarded a contract to a unit of China's state-owned energy giant CNOOC to supply...