A consortium led by institutional investor EIG and Belgian energy infrastructure company Fluxys has acquired an 80% stake in GNL Quintero (GNLQ), the largest liquefied natural gas terminal in Chile.
Omers Infrastructure and Enagas Internacional sold their respective stakes, valued at US$1.15 billion. Milbank advised the sellers in the deal.
Located in the Quintero Bay and operational since 2009, GNLQ is responsible for the reception, unloading, storage and regasification of LNG. It is a key energy infrastructure business supporting Chile’s decarbonization strategy.
Quintero owns 75% of the country´s LNG regasification capacity. It has a daily regasification capacity of 15 million cubic metres and an LNG storage capacity of 334,000 cubic metres.
Headquartered in Washington DC, EIG is a leading institutional investor in the global energy sector, specializing in private investments in energy and energy-related infrastructure. During its 40-year history, EIG has committed over US$40 billion to the energy sector through more than 380 projects.
The Quintero deal builds on EIG’s presence in the Chilean market. The firm owns the Cerro Dominador solar complex. It is also a partner in AME, a Chile-based project developer which co-owns HIF Global, a leader in the hydrogen and e-fuels sector.
Brussels-based Fluxys is an independent energy infrastructure group active in gas transmission and storage. Through its associated companies across the world, the company operates 12,000 kilometres of pipeline and LNG terminals totalling a yearly regasification capacity of 29 billion cubic metres.
The agreement with EIG and Fluxys to become partners in GNL Quintero was announced on March 28 and closed on July 21.