Texas LNG is moving closer to a final investment decision after a $500 million investment was announced for the liquefied natural gas export terminal planned at the Port of Brownsville.
The investment is led by funds and accounts managed by HPS Investment Partners, a global investment firm that is part of BlackRock. The funding is subject to customary closing conditions and is intended to support continued development and early construction work for the Texas LNG project.
The announcement marks one of the final steps needed before Texas LNG reaches a final investment decision, commonly known as FID. A final investment decision is the point at which project sponsors formally commit to move ahead with major construction and financing.
The investment also supports a limited notice to proceed issued to Kiewit as part of the project’s lump-sum turnkey contract. That early work includes purchase orders for critical equipment, engineering activity tied to the engineering, procurement and construction phase, and geotechnical work.
Texas LNG is planned as an LNG export facility at the Port of Brownsville. The project is being developed by Glenfarne Group and is part of a broader North American LNG portfolio that includes projects in Texas, Louisiana and Alaska.
Company officials have described Texas LNG as a lower-emitting LNG export project because of its planned use of electric motor drives. The project remains one of the major energy infrastructure proposals tied to the Port of Brownsville and the surrounding Rio Grande Valley economy.
