Texas LNG, a four million tonnes per annum (MTPA) liquefied natural gas (LNG) export terminal to be constructed in the Port of Brownsville, and a subsidiary of Glenfarne Energy Transition, LLC (Glenfarne) has received sufficient expressions of interest from leading project finance banks to move to the execution phase of project financing.
Glenfarne has also appointed Latham & Watkins as Borrower’s counsel and Milbank as Lenders’ counsel for the issuance.
These lenders have been key supporters of Glenfarne, having led over $4 billion of financing to Glenfarne’s businesses over the last 10 years, supporting the acquisition and/or construction of various energy transition focused assets. Furthermore, these banks are active in LNG, having participated in approximately $44 billion of project finance debt to the U.S. LNG sector alone over the last 24 months.
“Texas LNG’s financing consortium will be comprised of the world’s leading institutions that recognize the attributes of the project and Glenfarne’s excellent history of building energy transition infrastructure,” said Brendan Duval, CEO and Founder of Glenfarne Energy Transition.
This news follows Texas LNG’s recent announcement that it signed a Heads of Agreement (HOA) with EQT Corporation (EQT) for natural gas liquefaction services for 0.5 MTPA of LNG. Texas LNG also recently announced partnerships with Baker Hughes and ABB to help develop the terminal, representing more than half a billion dollars’ worth of equipment selections for Texas LNG to date.
The first LNG exports from Texas LNG are expected to be shipped in 2028.
