Glenfarne Seeks Financing for Texas LNG Plant

---

Written by Eric Funderburk for IIR News (Sugar Land Texas)

---

Summary

Glenfarne has allocated at least 1.5 million tons per annum (MTPA) of LNG from its planned 4-MTPA Texas LNG plant in Brownsville, Texas. The company has reported begun seeking financing for the project.

---

Gaining Ground on a Sleepy Project

Glenfarne Group (New York, New York) has been making quite a few moves in the liquefied natural gas (LNG) and renewables sectors. , Bloomberg reported last week that Glenfarne has begun seeking financing for its Texas LNG project in Brownsville, Texas, a planned 4 million-ton-per-annum (MTPA) facility with a portion of its production already promised to various companies.

A Bit of History

Industrial Info's Global Market Intelligence (GMI) Production Project Database recorded its initial record of Glenfarne's Texas LNG in June 2014, and that report has been updated multiple times on regular basis through the years. It wasn't until 10 years later, in 2024, that the project began seeing sharp uptake in movement when Glenfarne announced LNG offtake agreements with Gunvor Group (Geneva, Switzerland) for 500,000 tons per annum, EQT Corporation (Canonsburg, Pennsylvania) for 500,000 tons per annum and another offtake agreement for 500,000 tons per annum with an unnamed company that Bloomberg suggested was German energy major RWE (Essen).

Another offtake agreement was picked up last month, with a subsidiary of Australia's Macquarie Group Limited (Sydney) picking up another 500,000 tons per annum, marking half of the plant's expected product allocated, although some of the agreements are non-binding.

During this time, the U.S. Federal Energy Regulatory Commission (FERC) gave Glenfarne a bit of breathing room on the project when in August 2025, FERC extended the plant's already passed November 2024 deadline to start production to November 2029, which is not when the first production is expected to come online.

Seeking Financing

That most recent sales agreement seems to have been enough to launch Glenfarne a bit further into the project as Bloomberg reported last week that the company has begun seeking financing for the project, with the Canadian Imperial Bank of Commerce (Toronto, Ontario) and Japan's Mizuho Financial Group (Tokyo) acting as advisors.

While Glenfarne has not set a firm date to make a final investment decision on the project, obtaining financing would be a major step in that direction. Industrial Info estimates the first production train would take more than three years to complete, meaning that if the November 2029 production deadline is to be reached, construction should begin this year.

Subscribers can learn more by the viewing the project reports on Texas LNG's Train 1 and Train 2.

Other Glenfarne LNG Movement

But the Texas LNG project is not the only LNG development to garner a bit of recent news. Last week, IIR News reported that Glenfarne's Alaskan subsidiary had signed a supply agreement with Donlin Gold LLC (Anchorage, Alaska), which is developing a gold mine in the state, with natural gas. Subscribers to Industrial Info's GMI Metals & Minerals Project Database can click here to access the report on the mine, which is expected to go online in 2029.

Glenfarne is developing its multibillion-dollar Alaska LNG project on the state's Kenai Peninsula, which also entails construction of a 765-mile pipeline. Subscribers can click here to see the multiple Production and Pipelines reports covering the project.

Gathering Some Dust

There's another Glenfarne LNG project that has seen little significant movement: the Magnolia LNG project on the Louisiana Gulf Coast. Glenfarne purchased the planned 8-MTPA project in 2020 from troubled company LNG Limited (Perth, Australia). The purchase came with an originally targeted in-service date of April 2021, less than a year after Glenfarne's purchase. This deadline was subsequently extended to November 2023, and then, a few months before that date arrived, Glenfarne applied for an extension until April 2026--an application that it later cancelled, as the U.S. Department of Energy's export authorization to countries without a free trade agreement with the U.S. expired at the end of 2023. The DOE appears to be reconsidering the application.

In the meantime, with a potential glut of LNG forecast for the market in the not-too-distant-future, Glenfarne may well decide that its Texas LNG project, with half Magnolia's planned capacity and half the required capital outlay, may present a better return on investment as a Gulf Coast project accompanying its Alaska developments.

But in the meantime, the company is gearing for one other significant project to the south.

Green Ammonia in Chile

Glenfarne is seizing various vertically stacked projects ranging from renewable energy production to the ultimate production of green ammonia. Its most recent investment in Chile comes at the top of chain--the renewable energy needed to manufacture the green hydrogen used to make the ammonia. Industrial Info's Power Plant Database indicates several Glenfarne solar power plants in Chile, and at the tail end of December, Glenfarne completed the US$865 million purchase of four more solar power assets with a combined output of 588 megawatts (MW) from Metlen Energy & Metals (Athens, Greece). In addition, other solar plants are planned, alongside a 2-gigawatt windfarm.

All this is ultimately leading to the Green Pegasus Project in Chile's Atacama Region, which includes a green hydrogen plant with daily production of more than 341,000 cubic feet that will feed the 459,000-ton-per-year green ammonia unit. The primary destination for the green ammonia? Asia. The windfarm, hydrogen and ammonia units could potentially begin operating by the end of 2030.

Key Takeaways

• The Glenfarne Group recently made significant moves on LNG projects in Alaska and Texas.
• In addition, in late December, Glenfarne completed the purchase of more than 500 MW Chilean solar assets.
• Glenfarne owns multiple solar assets in Chile and plans a build a 2-gigawatt windfarm, green hydrogen unit and green ammonia unit in the country's Atacama Region.

---

About IIR News
IIR News is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resource's Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).