West Africa LNG closes equity financing round
US-based West Africa LNG (WALNG) has closed on an equity financing round with a US-based investor group, it said on August 22 in a statement.
"We are delighted to complete this investment which provides us with the necessary financial resources to fund our operating activities as we finalise long-term offtake agreements with the mining companies in Guinea," said Patricia Moller, chair of WALNG. "This financing also gives us greater flexibility as we negotiate with potential strategic and financial partners who have expressed strong interest in participating in the transformative Guinea LNG project.”
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WALNG is developing an LNG import terminal and distribution network in Guinea. The company is currently in active discussions with several strategic and financial investors as well as potential offtake customers.
The Guinea LNG project will supply commercial quantities of natural gas to bauxite mining companies in the Boke, Bel-Air, and Boffa regions to generate power for existing operations and planned bauxite processing facilities.
A comprehensive feasibility study funded by the United States Trade and Development Agency has been completed, WALNG said. The study identified over 2,000 MW of power demand from the bauxite industry alone within a 100-mile radius of the terminal location.
The Guinea LNG project would comprise building a large-scale LNG receiving terminal, storage tanks, regasification units and distribution infrastructure. In this phase, imported LNG will be stored in holding tanks and will be distributed to the end users either through a pipeline after being regasified or via cryogenic trailers /ISO tanks in liquid form to be regasified at final destination.