Infrastrata secures funds for Harland & Wolff buy
InfraStrata, the UK company focused on infrastructure projects, has garnered £6 million ($7.7 million) through the sale of close to 2 billion shares through an accelerated bookbuild.
The proceeds will be used to finance the acquisition of the principal assets of Harland & Wolff, repay and/or restructure the outstanding amounts pursuant to its bridging loan, progress the Islandmagee gas storage project and for general working capital purposes.
As it said in an earlier statement, Infrastrata is looking to acquire Harland & Wolff assets to bring in-house a large part of the engineering and fabrication requirements for the company’s Islandmagee gas storage project and proposed FSRU project.
By utilizing the assets, the company anticipates a material reduction in the capital cost of each of its projects and a reduction in the construction timelines.
The acquisition is expected to be completed by December 5, 2019, Infrastrata said.
To remind, Infrastrata is developing an underground natural gas storage facility at Islandmagee, a sparsely-populated peninsula on the east coast of County Antrim, Northern Ireland, where the country’s gas-fired power station is located. Once complete, the Islandmagee storage facility will consist of several underground caverns, capable of storing up to a total of 500 million cubic meters of gas in Permian salt beds.
Additionally, the company is looking to develop FSRU project offshore Barrow-in-Furness, Cumbria, in northwest England, with a projected capacity of approximately 5 million tonnes per annum. Infrastrata recently extended the period of exclusivity with Meridian Holdings, for the development and acquisition of an FSRU in the United Kingdom.
LNG World News Staff