Glenfarne Group Announces Acquisition of Magnolia LNG
(P&GJ) — Glenfarne Group, LLC announced it has completed the acquisition of Magnolia LNG, an LNG export terminal development project in Louisiana, USA, through Glenfarne’s newly formed subsidiary Magnolia LNG Holdings, LLC.
Magnolia LNG is an 8 million tonnes per annum (mtpa) LNG export business that has completed the FERC permitting process.
The 115-acre project site sits on the Industrial Canal near Lake Charles in Southwest Louisiana and has a long-term Lease Option Agreement in place with the Lake Charles Harbor and Terminal District.
Magnolia LNG is permitted to receive natural gas through the existing Kinder Morgan Louisiana Pipeline, and will pretreat, liquefy and store the LNG onsite for domestic use and export.
The Transaction also includes the acquisition of Magnolia LNG’s patented OSMR liquefaction technology, a low-cost, highly efficient process configured to generate lower greenhouse gas emissions than other conventional LNG processes.
Magnolia LNG was previously owned by Liquefied Natural Gas Ltd., which is currently completing a corporate restructuring.
“Magnolia LNG is a well-known and high-quality project to which Glenfarne brings its funding, marketing, development and construction expertise to take it to Final Investment Decision, and then construct and operate the asset,” said Brendan Duval, Founder and Managing Partner of Glenfarne.
Glenfarne has two operating subsidiaries: Alder Midstream, LLC, which focuses on building, owning and operating midstream assets in North and South America, and EnfraGen, LLC, a developer, owner and operator of specialized power generation assets.
The acquisition of Magnolia LNG increases Glenfarne’s LNG export capacity to approximately 12 mtpa, 4 mtpa of which comes from Texas LNG Brownsville, LLC, a late-stage LNG export development project in Brownsville, Texas for which Alder Midstream is the majority owner and Managing Member.
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