Delfin's Fundraising Set to Slip Into Next Year
Delfin Midstream Inc., the developer of a $4.3 billion liquefied natural gas export project off the coast of Louisiana, won’t complete its planned fundraising until next year, according to people familiar with the matter.
The closely held company had originally targeted closing the process in November. Efforts to finalize the debt and equity commitments for the Delfin LNG project are ongoing and involve complex transactions, said the people, who asked not be identified because the discussions are confidential. Delfin declined to comment.
LNG project developers in the US are racing to tie up financing before global supplies exceed demand, creating a glut that BloombergNEF expects to emerge by 2027. Global producers are set to add a record 300 billion cubic meters of annual export capacity by 2030, the International Energy Agency wrote in a recent report. That’s poised to reshape the market after years of scarcity.
Companies with agreements to take LNG produced at the Delfin project include German state energy company Securing Energy for Europe GmbH, UK energy company Centrica Plc and commodity trading houses Gunvor Group, Hartree Partners LP and Vitol Group. Vitol is also considering making an equity investment in the project, people familiar with the matter told Bloomberg in October.
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