The Project involves the purchase and conversion of a liquified natural gas (“LNG”) carrier (“LNGC”) to a Floating Storage and Regasification Unit (“FSRU”). The FSRU will be permanently moored at the port of Acajutla in the Department of Sonsonate, in El Salvador, to provide liquified natural gas regasification services to Energia del Pacifico Limitada de CV (“EDP”), a 378-megawatt combined cycle thermal power plant financed by IDB Invest in 2019. The FSRU is an essential piece for the operation of the LNG-to-power plant, which is expected to be the lowest cost thermal generator in El Salvador, a country heavily reliant on imported heavy fuel oil-fired generators for its dispatched power, and to provide reliable energy, reduced carbon emissions and increased foreign investment.
The Project sponsors are BW Gas Ltd (“BW”) and Invenergy Investment Company LLC (“Invenergy”). BW is a global maritime company involved in the infrastructure development, production, and shipping of natural gas. Invenergy is a global developer and operator company for provision of diverse energy solutions (natural gas, wind, solar, storage). The Project developer companies (the “Borrowers”) are: i) FSRU, Ltda. de C.V, a Salvadorian company; and ii) FSRU Development Pte Ltd, a Singaporean firm. Both borrower companies are jointly owned by the sponsors.
FSRU Development Pte Ltd is the current owner of the liquid natural gas carrier (LNGC) ship ‘BW Tatiana’, a moss-type tanker previously owned by Shell (and named SS Gallina) and which will be converted into an FSRU. Once converted, the FSRU will then be transferred from the shipyard in Singapore and moored at the project location in Acajutla, El Salvador, as part of supply gas infrastructure to EDP’s LNG-to-power plant. Ownership of BW Tatiana will be transferred to FSRU Ltda. de C.V. for the operational phase of the Project.
The Environmental and Social (E&S) Due Diligence (ESDD) process for the FSRU was conducted remotely due to the travel restrictions imposed by the new Corona Virus Pandemic (Covid-19). The ESDD utilized a risk-based analysis approach that covered the three key stages of Project development: i) conversion, ii) transport, and iii) preparation works and operations to identify significant issues in relation to the Project based on their potential compliance risk and/or reputational risk. The ESDD included the review of relevant environmental, health, safety and social information provided by the sponsors and shipyard contractor; as well as virtual interviews and conference calls with the companies’ and sponsors’ senior representatives that took place in June and July 2020. The ESDD took full advantage of the existing comprehensive ESIA studies carried out for EDP’s thermal power plant, which included the FSRU ship.
Local Access of Project Documentation
The information about the LNG-to-power project can be accessed in the link: http://www.energiadelpacifico.com/; about the sponsors BW (https://www.bw-group.com/) and Invenergy (https://invenergyllc.com/). The BW Tatiana:
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