Magnolia LNG Receives Equity Commitment Of US$1,500 Million From Stonepeak Infrastructure

Published: Jul 05 2017
Deal Summary

Magnolia LNG LLC, a company engaged into jointly develop, construct and operate the Magnolia LNG export facility, and a wholly-owned subsidiary of Liquefied Natural Gas Ltd. (LNGL), received an equity commitment of US$1,500 million (MM), from Stonepeak Partners LP (dba Stonepeak Infrastructure Partners), a private equity firm.

The investment enables Magnolia to fund for the development of the Magnolia LNG project.

Greg Vesey, managing director and CEO of LNGL, said, "Stonepeak is a long-term and valued partner in our project, and we are pleased to continue this relationship. This announcement signals a strong message to the LNG industry about our shared confidence in the virtues and advantages of the Magnolia LNG project as we continue our focus on finalizing off-take agreements and moving toward a final investment decision (FID)."

Trent Vichie, co-founder and senior managing director of Stonepeak, said, "We are thrilled to announce our continued support for Magnolia, which we believe to be among the best positioned projects for the next wave of US LNG exports, and to support LNGL management in the final steps to a successful Financial Close. Stonepeak is bullish on the long-term outlook for US sourced LNG, which we believe can provide cheaper and cleaner fuels globally to underserved or stranded consumers, and we hope that Stonepeak's commitment to Magnolia can help bring additional low-cost LNG to market."

You can receive free Monthly detailed “Deals Analysis Alerts” delivered directly to your
inbox – sign up below:

* Indicates Mandatory
*Phone Number:          
  captcha refresh
Enter Captcha Code:    

Send to friend

*Your EmailID:    
*Friend's EmailID:    
  captcha refresh
Enter Captcha Code: