InfraStrata PLC has agreed to terms with West Face Long Term Opportunities Global Master LP for acquisition of Meridian Holdings Co., owners of a proposed 5 to 6-million tonne/year floating storage and regasification (FSRU) project offshore Barrow-in-Furness, Cumbria, northwest England. The proposed FSRU would be the UK’s first, the company said.
The project is designed to deliver natural gas directly into the UK market via a National Transmission System interconnection at Barrow-in-Furness.
InfraStrata expects to execute a sales and purchase agreement for LNG on or before July 31, 2020, with final investment decision expected within 3 years of this agreement.
The project has an estimated cost of £350-450 million, funded by a planned consortium of partners at the project level. InfraStrata says discussion with these partners, “globally recognized companies involved in the development, construction, operations, and commercialization of regasification terminals worldwide,” is underway. Long-term offtake talks have also begun.