West Africa LNG Group (WALNG) has closed on an equity financing round for an LNG import terminal in Guinea with a U.S.-based investor group.
In response to the Guinean government’s request for a competitively priced, available, and environmentally sustainable fuel source, WALNG is developing an LNG import terminal and distribution network in Guinea. The company says it is currently in active discussions with several strategic and financial investors as well as potential offtake customers.
The Guinea LNG project will supply commercial quantities of natural gas to bauxite mining companies in the Boké, Bel-Air, and Boffa regions to generate power for existing operations and planned bauxite processing facilities (alumina refineries) which will substantially increase Guinea’s beneficiation from its valuable natural resources.
The $300 million LNG project targets the development of a large-scale LNG receiving terminal located near the Port of Kamsar in Guinea’s Boke region.
“We are delighted to complete this investment which provides us with the necessary financial resources to fund our operating activities as we finalize long-term offtake agreements with the mining companies in Guinea,” said former ambassador Patricia Moller , Chair of WALNG. “This financing also gives us greater flexibility as we negotiate with potential strategic and financial partners who have expressed strong interest in participating in the transformative Guinea LNG project.”
Moreover, a comprehensive feasibility study funded by the United States Trade and Development Agency (USTDA) has been completed. The study identified over 2,000 megawatts of power demand from the bauxite industry alone within a 100-mile radius of the terminal location.