New Fortress secures $700 million loan for second LNG unit in Mexico
HOUSTON, July 23 (Reuters) -U.S. energy infrastructure company New Fortress Energy NFE.O said on Tuesday it closed a $700 million loan for its second liquefied natural gas production unit at its Fast LNG project in Altamira, Mexico.
The company said the second liquefaction unit will be developed in partnership with Mexico's utility Comision Federal de Electricidad utilizing an onshore terminal already in place.
The companies expect to invest $1.3 billion in the Altamira hub, which will turn U.S. and Mexican gas into up to 1.4 million tons per year of LNG for export when fully operational.
The FLNG project had its first output earlier this month in the first floating unit and now expects to ship the first cargo in August, which will be Mexico's first export of LNG, and enter full production thereafter, the company said in a release.
The second unit will incorporate the same proprietary modular technology as the first, and is expected to complete construction in the first half of 2026, NFE said.
"Our FLNG complex is advancing at a rapid pace as we have now produced LNG at our first unit, and fully financed our second," said Wes Edens, NFE's chairman and CEO, in the release.
Reporting by Marianna Parraga; Editing by Cynthia Osterman
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