Financing deal reached on El Salvador LNG power project
A division of BW Group, an oil and gas producer, said May 12 its partners had closed on a financing deal to support an LNG-to-power project in El Salvador
BW LNG said it closed on a $128.3mn financial deal with sustainable energy developer Invenergy and IDB Invest, part of the Inter-American Development Bank Group, to back a floating storage and regasification unit (FSRU) for the greater Energia del Pacifico (EDP) LNG-to-power project.
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“This is the region's first FSRU, which will be permanently moored at the Port of Acajutla, Sonsonate, El Salvador,” the companies said. “Invenergy and BW LNG will jointly commission, operate and maintain the FSRU.”
The planned FSRU facility has a maximum design capacity of 280mn ft3/d. The regasified LNG will be piped from offshore to a 378 MW natural gas-fired power plant.
Once completed in 2022, the parties involved estimate the facility will meet about 30% of the nation’s demand for cleaner fuels.
"The close of financing for the FSRU represents a significant step forward in the completion of the transformational EDP project, the foundation for El Salvador's clean energy future," Meghan Schultz, the senior vice president for finance and capital markets at Invenergy, said.
The EDP project is comprised of the 378-MW natural gas-fired power plant, the FSRU and a 44-km electric transmission line that will connect to El Salvador’s Central American Electrical Interconnection System.