Glenfarne Group acquires Magnolia LNG
Published by Lydia Woellwarth,
Glenfarne Group, LLC (Glenfarne), a developer, owner-operator and industrial manager of energy and infrastructure assets, announced today it has completed the acquisition of Magnolia LNG (the ‘Transaction’), an LNG export terminal development project in Louisiana, US, through Glenfarne’s newly formed subsidiary Magnolia LNG Holdings, LLC.
Magnolia LNG is an 8 million tpy LNG export business that has completed the Federal Energy Regulatory Commission (FERC) permitting process. The 115-acre project site sits on the Industrial Canal near Lake Charles in Southwest Louisiana, and has a long-term Lease Option Agreement in place with the Lake Charles Harbour and Terminal District. Magnolia LNG is permitted to receive natural gas through the existing Kinder Morgan Louisiana Pipeline, and will pretreat, liquefy, and store the LNG on-site for domestic use and export. The Transaction also includes the acquisition of Magnolia LNG’s patented OSMR® liquefaction technology, a low-cost, highly-efficient process configured to generate lower greenhouse gas (GHG) emissions than other conventional LNG processes.
Magnolia LNG was previously owned by Liquefied Natural Gas Ltd, which is currently completing a corporate restructuring.
“Magnolia LNG is a well-known and high-quality project to which Glenfarne brings its funding, marketing, development, and construction expertise to take it to final investment decision, and then construct and operate the asset,” said Brendan Duval, Founder and Managing Partner of Glenfarne. “We believe in the essential role that natural gas plays in the transition to a lower carbon world. The facility will provide clean, low-cost and reliable energy globally, and we are proud to support this critical infrastructure project.”
Glenfarne has two operating subsidiaries: Alder Midstream, LLC, which focuses on building, owning, and operating midstream assets in the investment-grade Americas, and EnfraGen, LLC, a developer, owner and operator of specialised power generation assets. The acquisition of Magnolia LNG increases Glenfarne’s LNG export capacity to approximately 12 million tpy, 4 million tpy of which comes from Texas LNG Brownsville, LLC, a late-stage LNG export development project in Brownsville, Texas for which Alder Midstream is the majority owner and Managing Member.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/09062020/glenfarne-group-acquires-magnolia-lng/
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