Oslo: Höegh LNG Holdings has received funding from five international banks and is proceeding with the lease agreement with PT Perusahaan Gas Negara (Persero) for a LNG floating storage and regasification unit (FSRU) and mooring system to be located offshore Labuhan Maringgai, in Lampung province, at the southeast coast of Sumatra, Indonesia.
Höegh LNG has received commitment letters from five international banks for a $299m limited recourse facility for the financing of the project. The facility includes $237m in long term financing for the FSRU, and $62m in construction financing for the mooring system. Banks participating in the financing are DBS Bank Ltd, Korea Development Bank, Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank and The Bank of Tokyo-Mitsubishi UFJ.
President and ceo, Sveinung J. S. Støhle, said: "We are very pleased with the structure of this facility. Commercial banks expressed strong interest in participating in the financing of this project and we had to limit the bank group… The Lampung FSRU project is on schedule in all aspects for its planned start-up in June 2014."
The project agreement is for a firm 20-year charter of the FSRU with two five-year extension options for the charterer. The mooring will be delivered and transferred to Persero at project completion, which is planned for June 2014. The FSRU is currently under construction at Hyundai Heavy Industries in Korea. [22/05/13]
