Golar Power transaction completed

Golar LNG Limited on Wednesday completed the transaction receiving proceeds of a US$100 million preferred note from Stonepeak and $116 million for the sale of 50 percent of the share in Golar Power. 

Golar Power expects to execute contracts for the conversion of its first LNG carrier to a FSRU shortly, according to the statement by the owner and operator of FSRUs and LNG carriers.

Golar LNG Limited entered into a 50/50 joint venture with investment vehicles affiliated with New York-based private equity firm Stonepeak Infrastructure Partners in June.

The joint venture company will offer integrated LNG based downstream solutions, through the ownership and operation of floating storage and regasification units and associated terminal and power generation infrastructure.

Golar Power’s initial asset base will comprise the FSRU currently being constructed at Samsung shipyard, two modern 160,000 cbm trifuel LNG carriers suited for conversion to FSRUs, and the right to invest in up to 25% of the Sergipe Power project.

LNG World News Staff