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Tellurian Cuts Deal to Promote, Leaseback Most Driftwood LNG Property

by manusohal
April 7, 2023
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Tellurian Cuts Deal to Promote, Leaseback Most Driftwood LNG Property
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Tellurian Inc. stated in a regulatory submitting Thursday it signed a binding letter of intent (LOI) to promote 800 acres for its Driftwood LNG export venture in Louisiana to an unnamed institutional investor for $1 billion after which lease the property.

The corporate in a Type 8-Ok filed with the U.S. Securities and Alternate Fee stated if the deal is accomplished it might lease the property for a 40-year time period. The New York-based investor has $120 billion of property beneath administration, in response to the submitting. 

The 27 million metric tons/12 months (mmty) Driftwood liquefied pure fuel plant can be sited on 1,200 acres on the west financial institution of the Calcasieu River, south of Lake Charles. Tellurian has but to succeed in a ultimate funding choice, however has already invested roughly $1 billion to develop the positioning. 

Shell plc terminated its settlement to purchase LNG from Driftwood final September, when Tellurian delivered discover to Vitol Inc. terminating an analogous deal. Tellurian has just one provide settlement in place with Gunvor Group Ltd. Nevertheless, the Houston-based firm is trying to find fairness companions to assist finance the venture. Proceeds from any land sale would go towards funding Driftwood. 

Below the leaseback phrases, Tellurian would face a capitalization fee of 8.75%, annual 3% lease will increase and the requirement that its fairness companions act as guarantors of the grasp lease, amongst different issues.

If Tellurian fails to establish guarantors by July 14, the LOI can be terminated. The investor additionally has the choice to terminate the LOI if it doesn’t OK the guarantors.

The primary part of Driftwood, which incorporates 11 mmty of capability, is beneath development after Tellurian issued a restricted discover to proceed to Bechtel Power Inc. The venture has been beneath growth for years. It has confronted challenges signing up offtakers, discovering fairness companions and acquiring financing.

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