Golar Power Secures 25-Year FSRU Charter Deal

Golar Power, a join venture company between LNG shipping firm Golar LNG Limited and private equity firm Stonepeak Infrastructure Partners, has secured a long-term charter deal for the Floating Storage and Regasification Unit (FSRU) Golar Nanook.

The contract for the 25-year charter was entered into in connection with the Final Investment Decision on the Porto de Sergipe Project under which the US-based firm General Electric was hired to build, maintain and operate a 1.5 GW combined cycle power plant in Brazil.

The 170,000 m3 Golar Nanook, which features a length of 292.5 meters and a width of 43.4 meters, is scheduled for delivery in November 2017.

The annual EBITDA contribution for Golar Power is currently projected to be USD 39 million with upside potential for Golar Power from FSRU capacity not utilised by the Sergipe power plant, the company said.

Located near Aracaju, the state capital of Sergipe, the 1,516 megawatt power station will be the largest thermal power station in South America, Golar Power said. The project is expected to supplement hydropower during dry seasons and help meet growing demand for electricity in the region.

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