Texas LNG Brownsville, part of Glenfarne Group, has crossed another key item off its list of requirements for a final investment decision (FID) on a liquefied natural gas (LNG) export development project planned in the Port of Brownsville, Texas.
Glenfarne has revealed a $500 million investment, with lead investors being investment funds and accounts managed by global investment firm HPS Investment Partners, part of BlackRock, subject to usual and customary conditions.
This investment will lend a hand in the continued development and early construction works of the firm’s Texas LNG export terminal at the Port of Brownsville, as it is perceived to mark one of the final steps needed before achieving the FID for the project.
The secured investment supports the recently announced limited notice to proceed (LNTP) with Kiewit as part of the project’s executed lump-sum turnkey contract . This development is expected to be one of the lowest-emitting LNG export facilities in the world through the use of electric motor drives.
As Texas LNG continues to progress towards FID, the LNTP will include the issuance of critical purchase orders with key equipment suppliers, EPC-phase engineering activities, and geotechnical work.
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Vlad Bluzer , Co-President of Texas LNG and Partner at Glenfarne, commented: “This latest investment milestone is evidence of the execution readiness of Texas LNG, as it enables a number of strategic initiatives for the project, including placement of purchase orders for certain critical equipment packages.”
The project is part of Glenfarne’s permitted North American LNG portfolio, which totals 32.8 million tonnes per annum (mtpa) of capacity under development across Alaska, Louisiana, and Texas.