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Texas LNG advances to execution phase of project financing

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Texas LNG, a subsidiary of Glenfarne Energy Transition, LLC, and a four million tonnes per annum liquefied natural gas export terminal slated for construction in the Port of Brownsville, has garnered sufficient expressions of interest from leading project finance banks, propelling it towards the execution phase of project financing. Glenfarne has enlisted Latham & Watkins as Borrower’s counsel and Milbank as Lenders’ counsel for the issuance.

The lenders involved have been steadfast supporters of Glenfarne, having spearheaded over $4 billion of financing to Glenfarne’s enterprises over the past decade, facilitating the acquisition and/or development of various energy transition-focused assets. Moreover, these banks boast active involvement in LNG, having contributed to approximately $44 billion of project finance debt to the U.S. LNG sector alone in 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,” stated Brendan Duval, CEO and founder of Glenfarne Energy Transition.

This development follows Texas LNG’s recent announcement of signing a Heads of Agreement with EQT Corporation for natural gas liquefaction services for 0.5 MTPA of LNG. Additionally, Texas LNG has unveiled partnerships with Baker Hughes and ABB to aid in the terminal’s development, representing equipment selections worth more than half a billion dollars for Texas LNG thus far.

The inaugural LNG exports from Texas LNG are anticipated to commence in 2028

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