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Pieridae engages KfW IPEX-Bank as adviser in Germany

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Pieridae Energy Ltd has announced that KfW IPEX-Bank has been appointed as an adviser in assisting it to finalise a multibillion US dollar untied loan guarantee from the German federal government under its UFK program.

In 2013, Pieridae claims that it received written confirmation on behalf of the German government that its proposed Goldboro LNG facility will qualify in principle under the UFK program for a guarantee of up to US$3 billion of debt to be used to construct the Goldboro LNG facility provided that, amongst other things, at least 1.5 million metric tpy of LNG is delivered to Germany/Europe as contemplated by Pieridae’s 20-year (5 million tpy) offtake agreement with Uniper Global Commodities SE – an international energy company with its head office in Germany.

In July this year, Pieridae applied to the German government to increase in the amount of the guarantee from US$3 billion. The additional coverage will reportedly be used to develop natural gas reserves in both Western and Eastern Canada. Pieridae claims that it is currently negotiating a potential acquisition to utilise the funding.

Over the coming months, Pieridae claims that it will commence the formal process to obtain the necessary capital (equity and debt) to finance the integrated Goldboro LNG Project. To that end, KfW IPEX-Bank will work with Morgan Stanley & Co, LLC and SG Americas Securities, LLC (Société Générale), each engaged as Pieridae’s global financial advisers.

Alfred Sorensen, CEO of Pieridae, said: “We are extremely happy with the addition of KfW IPEX-Bank to our team of financial advisers given their knowledge and expertise specific to the UFK program.

“As we progress through our upstream acquisition and development plan toward a final investment decision (FID) on the Goldboro LNG Project, the support of the German government is of vital importance.”

Michael Nosbüsch, Global Head Basic Industries of KfW IPEX-Bank, added: “We are very pleased to have been retained as an adviser and are looking forward to contributing our experience and expertise to supporting Pieridae in this landmark project.”

Read the article online at: https://www.lngindustry.com/liquefaction/20082018/pieridae-engages-kfw-ipex-bank-as-adviser-in-germany/

 

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