Golar LNG has announced that the transaction to launch Golar Power, a 50/50 partnership with Stonepeak Ltd, has now been completed.
Golar Power has received the proceeds of a US$100 million preferred note from Stonepeak and Golar LNG Ltd has received US$116 million in respect of its sale of 50% of the shares in Golar Power. After settlement of transaction related fees and Golar's contribution to the working capital of Golar Power, approximately US$104 million will be added to Golar LNG Ltd's liquidity.
Golar Power will offer integrated LNG-based downstream solutions, through the ownership and operation of floating storage and regasification units (FSRUs) and associated terminal and power generation infrastructure.
Golar Power confirmed that it expects to execute contracts for the conversion of its first LNG carrier to a FSRU shortly.
Edited from press release by Callum O'Reilly