HOUSTON--(BUSINESS WIRE)--Commonwealth LNG has announced that Sumitomo Mitsui Banking Corporation (SMBC) will serve as its debt financial advisors for a Liquefied Natural Gas (LNG) Export Terminal on the west bank of the Calcasieu River in Cameron, Louisiana.
Commonwealth’s President and CEO Paul Varello said, “We are pleased to be partnered with this global financial leader as we move forward with our innovative LNG investment. SMBC’s experience and reputation in capital asset advice and management will help ensure the stability and predictability of our development project in southwest Louisiana.”
SMBC, one of the world’s leading project finance banks, is a top Mandated Lead Arranger for LNG projects in North America, committing $5B and being allocated over $2.6B in total debt financing. SMBC is one of only four banks to have played a primary role in each of the LNG liquefaction project financings closed to date in North America. SMBC has earned industry recognition including selection as Global Bank of the Year in 2017 by Project Finance International, Americas Project Finance Bank of the Year in 2016 also by Project Finance International and Awards of Excellence Best Global Bank in 2014 by IJ Global.
Nobuyuki Kawabata, CEO Americas Division, SMBC said, “SMBC is very happy to be associated with such an innovative project as Commonwealth LNG.”
Commonwealth LNG was accepted into the FERC “pre-filing” process in August 2017. Current plans call for construction to begin as early as 2019, with operations to commence by 2022. At full capacity, Commonwealth LNG is expected to produce 9 million tons of LNG per year.