Business Wire

EIG and Fluxys Partner in Key LNG Infrastructure Supporting Decarbonization in Chile

Share

EIG, a leading institutional investor to the global energy and infrastructure sectors, and Fluxys, a leading energy infrastructure company, today announced that they jointly will acquire an 80% equity stake in GNL Quintero S.A. (“Quintero”), the largest liquefied natural gas (LNG) regasification terminal in Chile, from Enagas Chile SpA and affiliates of OMERS Infrastructure. Terms of the transaction were not disclosed.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220327005104/en/

Quintero is a key energy infrastructure business supporting Chile’s decarbonization strategy with a bridging fuel that allows for the reconciliation of economic growth with the uptake of renewables and the phasing out of coal. Operational since 2009, Quintero is the largest terminal for receiving and unloading LNG in Chile, as well as for its storage and regasification capacities. The terminal benefits from its strategic location in Quintero Bay, supplying a diversified base of customers in central Chile across residential, commercial, industrial, transportation and power generation sectors. The terminal owns 75% of the country´s LNG regasification capacity and in 2021, 67% of the total natural gas imports (both LNG and pipeline imports) arrived in Chile through this strategic asset. With a daily regasification capacity of 15 million m3, an LNG storage capacity of 334,000 m3 and 2,500 m3 per day of truck loading capacity, the terminal is a reliable supplier of natural gas that contributes to Chile’s energy diversification and security.

Chile has world-class solar and wind resources and a RES capacity equivalent to 4% of total global energy demand. The country is aiming to become one of the world’s three largest green hydrogen producers with plans to install 200 GW of renewable power by 2040 to produce green hydrogen. Chile already has signed several agreements to promote the export of green hydrogen, among others with the Belgian ports of Antwerp/Zeebrugge, Germany, the Port of Rotterdam and South Korea.

The acquisition builds on EIG’s presence in the Chilean market, where the firm owns Cerro Dominador, a groundbreaking solar complex that combines a 100MW photovoltaic (PV) plant with a 110MW concentrated solar power (CSP) plant. The PV plant has been operational since 2017 and the CSP plant was successfully synchronized with Chile’s electricity grid in April 2021. EIG also is a partner in AME S.p.A, a Chile-based project developer and independent power producer. AME co-owns Generadora Metropolitana, the fifth largest electricity generation company in Chile, as well as HIF Global, a leader in the hydrogen and e-fuels sector, with a series of commercial-scale projects in development and expected to reach construction over the next several years.

For Fluxys, the partnership is a forward-looking investment creating a foothold in another country in Latin America where the energy transition stands high on the government agenda. With its abundant solar and wind resources, Chile aims to produce the world’s cheapest green hydrogen. The Belgian Hydrogen Import Coalition with Fluxys as partner has affirmed the competitiveness and feasibility of a green molecule supply chain from Chile to Europe and Belgium.

“We are thrilled by the opportunity to invest in Quintero, a company that aligns perfectly with our focus on strategic, high-quality infrastructure that is critical to the region it serves and yields attractive, contracted cash flows,” said R. Blair Thomas, EIG’s Chairman and CEO. “We are pleased to be partnering again with Fluxys, a world-class operational partner, to help Quintero support Chile’s energy needs and transition goals with reliable energy. Quintero’s strong presence in natural gas infrastructure serves as an attractive launching point to expand its presence in related and adjacent sectors, including storage, truck loading and regasification, as well as to develop production capacity for green hydrogen, where Quintero has significant potential to be a domestic leader in the nascent industry.”

“With 3 LNG terminals in Europe, our ambition to invest outside Europe and to become the transporter of new energy carriers, Quintero is a perfect fit with our strategy for growth in view of the low carbon future”, said Pascal De Buck, Fluxys’ Managing Director and CEO. “We want to deploy and expand our industrial expertise worldwide and are excited to partner with EIG as leading global energy infrastructure investor already intensively involved in energy transition projects in Chile. Our partnership in Quintero brings Fluxys closer to hydrogen developments in Chile and supports the import of hydrogen in Belgium. We are looking forward to collaborating and developing new opportunities with Quintero’s management and workforce.”

The transaction is expected to close in the second half of 2022, subject to customary closing conditions, including any required merger control and related regulatory approvals.

Citigroup Global Markets Inc. acted as financial advisor to EIG and Fluxys in connection with the transaction. White & Case LLP served as EIG’s legal advisor and Linklaters LLP served as Fluxys’ legal advisor.

About EIG

EIG is a leading institutional investor to the global energy and infrastructure sectors with $23.0 billion under management as of December 31, 2021. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 40-year history, EIG has committed $39.7 billion to the energy sector through 379 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 www.eigpartners.com.

About Fluxys

Headquartered in Belgium, Fluxys is a fully independent energy infrastructure group with 1,300 employees active in gas transmission & storage and liquefied natural gas terminalling. Through its associated companies across the world, Fluxys operates 12,000 kilometers of pipeline and liquefied natural gas terminals totaling a yearly regasification capacity of 29 billion cubic meters. Among Fluxys’ subsidiaries is Euronext listed Fluxys Belgium, owner and operator of the infrastructure for gas transmission & storage and liquefied natural gas terminalling in Belgium.

As a purpose-led company, Fluxys, together with its stakeholders, contributes to a better society by shaping a bright energy future. Building on the unique assets of gas infrastructure and its commercial and technical expertise, Fluxys is committed to transport hydrogen, biomethane or any other carbon-neutral energy carrier as well as CO2, accommodating the capture, usage and storage of the latter. www.fluxys.com.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media Contacts

EIG
Sard Verbinnen & Co.
Kelly Kimberly / Brandon Messina
+1 212-687-8080
EIG-SVC@sardverb.com

Fluxys Media Contact
Laurent Remy
+32 2 282 74 50
laurent.remy@fluxys.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

LG Chem Develops Advanced Plastic Product to Prevent Thermal Runaway in EV Batteries16.5.2022 07:00:00 CEST | Press release

LG Chem (KRX: 051910) today announced that it has developed a new plastic product for battery application that is capable of preventing the spread of flame in batteries, delivering the longest fire-resistance performance in the world. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220515005002/en/ LG Chem has developed an advanced plastic product which prevents thermal runaway in EV batteries. (Photo: Business Wire) LG Chem’s flame-retardant engineering plastic product is able to prevent the spread of flames, thanks to the company’s proprietary technology and manufacturing methods. The new advanced flame barrier product created by LG Chem is a highly functional engineering plastic product made from various composites including polyphenylene oxide (PPO) and polyamide (PA) resin. “We are proud to present this new product, a significant milestone for us after more than 10 years of dedicated research to deliver innovation for ou

Envoy Gateway Makes Using Envoy Proxy Easier for Developers and Reverses Fragmentation16.5.2022 06:01:00 CEST | Press release

Members of the steering group for Envoy Gateway (EG), including Envoy creator Matt Klein and representatives from Ambassador Labs, Fidelity Investments, Tetrate, and VMware, Inc., today announced their joint commitment to the project, which launched today at KubeCon + CloudNativeCon, Europe 2022, under the auspices of the Cloud Native Computing Foundation® (CNCF®). Envoy Gateway is a new effort within the Envoy proxy open source project to simplify Envoy use in cloud-native application development. Envoy Gateway will reduce existing, redundant efforts around Envoy and make it much easier for application developers to use Envoy as a basic API gateway “out of the box” and as a Kubernetes Ingress controller. Exposing a simplified set of APIs, and implementing the Kubernetes Gateway API, EG makes it easier to extend Envoy. Developers will now have a cost-free, unfettered way to provide external access to their work in progress. At the same time, Envoy Gateway will not replace API managemen

Boehringer Ingelheim’s latest investigational treatment slowed lung function decline in people living with idiopathic pulmonary fibrosis15.5.2022 18:41:00 CEST | Press release

Today, Boehringer Ingelheim announced Phase II data for BI 1015550, a novel investigational phosphodiesterase 4B (PDE4B) inhibitor, that was published in The New England Journal of Medicine (NEJM). The promising 12-week data that showed a reduction in the rate of lung function decline in patients with idiopathic pulmonary fibrosis (IPF) will also be presented at the American Thoracic Society (ATS) International Conference Breaking News session on May 16 in San Francisco.1 “These encouraging, early data showed that treatment with BI 1015550 slowed the rate of lung function decline in patients who were not on approved antifibrotics, as well as those who were taking existing antifibrotic therapy,” commented Luca Richeldi, Professor of Respiratory Medicine at the Università Cattolica del Sacro Cuore in Rome, Italy, and the Principal Investigator on the trial. The primary endpoint of the trial was the change from baseline in forced vital capacity (FVC) – meaning the maximum amount of air (m

REPLY: The Board of Directors Approves the Quarterly Report Dated 31 March 202213.5.2022 13:24:00 CEST | Press release

Today, the Board of Directors of Reply S.p.A. [EXM, STAR: REY] approved the results as at 31 March 2022. Since the beginning of the year, the Group has recorded a consolidated turnover amounting to €440.9 million, an increase of 25.1% compared to the corresponding data for 2021. All indicators are positive for the period. In the first quarter of 2022 the consolidated EBITDA was €70.9 million compared to €59.6 million in 2021, equal to 16.1% of the turnover. EBIT, from January to March, was €57.7 million (€47.9 million in 2021), and is equal to 13.1% of the turnover. The profit before tax, from January to March, was €59.4 million (€47.6 million in 2021), equal to 13.5% of the turnover. The net financial position of the Group on 31 March 2022 is also positive by 279.7 million. The net financial position on 31 December 2021 was positive for €193.2 million. The comparison with the figures recorded at the end of March 2020 is even sharper. Over the past 24 months, first-quarter turnover inc

Tecnotree Launches Total Digital Transformation Suite for Enterprises and Customers of MTN Ghana13.5.2022 12:00:00 CEST | Press release

Tecnotree, a Finnish-based global provider of digital transformation solutions for Communication Service Providers (CSPs) and Digital Service Providers (DSPs), announced the launch of its digital transformation stack, for enterprise and consumer businesses with MTN Ghana, one of the leading telecommunications service providers in Ghana with over 25.3 million subscribers. This transformation for B2B and B2C empowers the operator with rapid response capabilities, allowing it to meet its enterprise market demand and deliver augmented customer experiences at a reduced cost. Tecnotree’s Digital Transformation Suite 5 product stack is completely TM Forum compliant and deploys a micro-services-based architecture with built-in features for price approvals and overriding, on-boarding and monitoring of cash flow orders via the Customer 360 view, enabling self-care features for consumers and enterprises to manage their accounts, monitor onboarding, raise tickets and service requests. In addition,