Glenfarne has secured a USD 500-million investment for its Texas LNG export project in the Port of Brownsville, Texas, from funds and accounts managed by HPS Investment Partners, Glenfarne announced on Monday.
The investment will fund early construction work under the project’s limited notice to proceed with EPC company Kiewit, including purchase orders for critical equipment, initial engineering activities and geotechnical work. The announcement marks one of the final milestones before Texas LNG reaches FID.
“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 Texas LNG co-president Vlad Bluzer.
Texas LNG is being developed with electric motor drives to reduce emissions and is part of Glenfarne’s North American LNG portfolio, which totals 32.8 million tonnes per year of production capacity under development in Alaska, Louisiana and Texas.
Glenfarne is a privately held global developer, owner and operator of energy infrastructure assets. Through its Global LNG Solutions, Grid Stability and Renewables businesses, the company owns and operates 60 energy assets and is expanding its LNG portfolio across North America.
A part of global investment firm BlackRock, HPS Investment Partners is an alternative credit specialist with USD 193 billion in assets under management.