Blackstone Credit Acquires 49% Interest in U.S. East Coast LNG Infrastructure Asset
21 May 2022 - 6:35AM
Business Wire
Blackstone Credit has acquired EIG’s 49% ownership interest in
Elba Liquefaction Company (“ELC”), a joint venture entity of the
Elba Island LNG facility. Kinder Morgan (NYSE: KMI) will remain as
the operator and retain its 51% ownership of ELC.
ELC is an LNG liquefaction facility located near Savannah,
Georgia. ELC began full commercial operations in August 2020 and is
comprised of 10 Movable Modular Liquefaction Units with a nameplate
capacity of approximately 2.5 million tons per annum of liquefied
natural gas (LNG) for export, which is equivalent to approximately
350 million cubic feet (MMcf) per day of natural gas. ELC generates
stable cash flow under a 20 year contract (plus extension rights)
with an investment grade counterparty, providing long duration
income to its owners.
J.P. Morgan Securities LLC acted as exclusive financial advisor
and Milbank LLP served as Blackstone Credit’s legal counsel on the
transaction.
About Blackstone and Blackstone Credit
Blackstone is the world’s largest alternative asset manager. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our $915 billion in
assets under management include investment vehicles focused on
private equity, real estate, public debt and equity,
infrastructure, life sciences, growth equity, opportunistic,
non-investment grade credit, real assets and secondary funds, all
on a global basis. Further information is available at
www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
Blackstone Credit is one of the world's largest credit-focused
asset managers, with $230 billion in AUM. We seek to generate
attractive risk-adjusted returns for our clients by investing
across the entire corporate credit market, from public debt to
private loans. Our capital supports a wide range of companies
across sectors and geographies, enabling businesses to expand,
invest, and navigate changing market environments.
About EIG
EIG is a leading institutional investor to the global energy and
infrastructure sectors with $25.0 billion under management as of
March 31, 2022. EIG specializes in private investments in energy
and energy-related infrastructure on a global basis. During its
40-year history, EIG has committed $40.1 billion to the energy
sector through 380 projects or companies in 38 countries on six
continents. EIG’s clients include many of the leading pension
plans, insurance companies, endowments, foundations and sovereign
wealth funds in the U.S., Asia and Europe. EIG is headquartered in
Washington, D.C. with offices in Houston, London, Sydney, Rio de
Janeiro, Hong Kong and Seoul. For additional information, please
visit EIG’s website at www.eigpartners.com.
About Kinder Morgan, Inc.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy
infrastructure companies in North America. Access to reliable,
affordable energy is a critical component for improving lives
around the world. We are committed to providing energy
transportation and storage services in a safe, efficient and
environmentally responsible manner for the benefit of the people,
communities and businesses we serve. We own an interest in or
operate approximately 83,000 miles of pipelines, 141 terminals, and
700 billion cubic feet of working natural gas storage capacity. Our
pipelines transport natural gas, refined petroleum products, crude
oil, condensate, CO2 and other products, and our terminals store
and handle various commodities including gasoline, diesel fuel,
chemicals, ethanol, metals and petroleum coke. Learn more about our
renewables initiatives on the low carbon solutions page at
www.kindermorgan.com.
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Kate Holderness kate.holderness@blackstone.com 646-482-8774
Blackstone (NYSE:BX)
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