Freeport LNG Secures Train 4 Financing
Freeport LNG said September 10 it has entered into an agreement under which Westbourne Capital and its investors will provide up to $1.025bn of mezzanine financing to support Freeport’s planned Train 4 expansion.
Combined with a contemplated bank facility, the loan will be enough to provide 100% of the capital required for Train 4.
“We are happy to continue to progress our Train 4 expansion with an eye towards FID in the next several months,” Freeport LNG CEO Michael Smith said. “The Westbourne-led consortium have all been very supportive investors of Freeport in the past and we are excited to do more with them to grow the company.”
Freeport LNG has already acquired regulatory approval for the construction and operation of Train 4 and for long-term LNG exports from it. And it has recently executed a fixed price engineering, procurement and construction contract with KBR for the 5mn mt/yr unit.
Freeport LNG will be a fully-electric, four-train, 20mn mt/yr natural gas liquefaction and LNG export facility on Quintana Island in Texas. It recently shipped the first commissioning cargo from Train 1, while Trains 2 and 3 are advancing towards in-service dates in January 2020 and May 2020, respectively.