Glenfarne Announces a $500 Million Investment in Texas LNG by HPS Investment Partners
Glenfarne Group, LLC (“Glenfarne”) today announced a $500 million investment with lead investors being investment funds and accounts managed by global investment firm, HPS Investment Partners, a part of BlackRock. The investment, which is subject to usual and customary conditions, will support the continued development and early construction works of Texas LNG, Glenfarne’s liquefied natural gas (“LNG”) export terminal at the Port of Brownsville. Today’s announcement marks one of the final steps required for Texas LNG before achieving Final Investment Decision (“FID”).
The investment supports the recently announced Limited Notice to Proceed (“LNTP”) with Kiewit as part of the project’s executed lump-sum turnkey contract. 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.
“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," said Vlad Bluzer, Co-President of Texas LNG and Partner at Glenfarne.
