Baker Botts has advised Hoëgh LNG on a limited recourse financing of the Lampung LNG floating storage and regasification Unit (FSRU) and mooring in Indonesia.
The Lampung FSRU will be employed offshore south Sumatra under lease to PT PGN LNG Indonesia for a 20 year term that can be extended to 30 years, exceptionally in the market.
The facility includes US$299 million commercial and ECA-backed loan facilities and a US$10.7 million Standby Letter of Credit Facility to PT Hoëgh LNG Lampung. Korean export credit agency K-sure provided ECA support.
Press Release, May 22, 2014; Image: Höegh LNG