Altenesol Completes First Round of Funding for Colombia LNG Project

IAHL Corporation through its subsidiary Altenesol Colombia, S.A.S said that the next round of funding, for the LNG project in Colombia, has been secured.

This initial tranche will be utilized for the following objectives:

• Completion of the Front End Engineering Design Study (Feed Study) which encompasses engineering scope, design and technology selection and comprehensive financial model;
• Finalize land purchase, enabling site development and permitting, and
• Due diligence and transaction expenses.

Several extremely qualified firms, all well versed in LNG and cryogenic plant engineering, design and construction, have been selected to bid on the project. Upon selection of a plant supplier, the project will reach a major milestone which should release the next stage of funding. Each phase of the project will now trigger monetary disbursements as Altensol moves to the construction phase of the project.

“The project is coming together and the picture is becoming clearer. We are pleased to have brought several strategic investors in this round that have knowledge and understanding of LNG and see and share the same vision we do,” commented Stuart Jara Board Director of IAHL.

“This is the product of years of hard work, dedication and perseverance that our entire team has put forth as we move to construct Colombia’s first LNG Plant (Nataly I). Many exciting developments with LNG for the residential, industrial, transportation and the mining sectors are also coming with this as we open an entire market not yet available in Colombia and other Latin American countries,” said Nelson De La Nuez C.E.O IAHL/Altenesol.

Now that this funding phase has been completed, the current LNG off-takers will now begin to convert the existing LOI’s into binding contracts.

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LNG World News Staff, April 09, 2013; Image: Altensol