Glenfarne, Alaska Gasline Development Corporation Sign Binding,
Definitive Project Development Agreements Enhancing Momentum For The
Project
Alaska LNG Pipeline Final Investment Decision Anticipated in 2025
ANCHORAGE, AK AND NEW YORK, NY (MARCH 27, 2025) – Today,
Glenfarne Alaska LNG, LLC, an affiliate of Glenfarne Group, LLC, (together
as ”Glenfarne”), and the Alaska Gasline Development Corporation (“AGDC”)
signed definitive agreements for Glenfarne to become majority owner of
Alaska LNG, the sole federally permitted LNG export project on the U.S.
Pacific Coast, and lead its development to construction and operations of
the entire project. Alaska LNG is designed to deliver North Slope natural
gas to Alaskans and Alaska utilities and export up to 20 million tonnes of
LNG per year (MTPA).
Under the agreement, AGDC is divesting 75 percent of 8 Star Alaska, a
subsidiary AGDC created to hold and manage all Alaska LNG project assets, to
Glenfarne. Glenfarne assumes the role of Alaska LNG’s lead developer and
will lead all remaining development work of Alaska LNG from front-end
engineering and design (“FEED”) through to a final investment decision
(“FID”). AGDC remains a 25 percent owner of 8 Star Alaska and a key partner
to Glenfarne on the project.
Alaska LNG’s three subprojects are an 807-mile 42-inch pipeline, the 20 MTPA
LNG export terminal in Nikiski, Alaska, and a North Slope-based carbon
capture plant to remove and safely store 7 million tons of carbon dioxide
annually.
In light of steadily declining gas production from Cook Inlet, which has
historically been Alaska’s primary in-state natural gas basin, phase one of
the project will kick off immediately, prioritizing the development and
final investment decision of the pipeline infrastructure needed to deliver
North Slope gas to Alaskans as rapidly as possible.
Following a successful final investment decision, the State of Alaska will
retain a 25 percent share in 8 Star Alaska and have the option to invest up
to 25 percent in any or all of the three 8 Star Alaska subprojects.
Alaska Governor Mike Dunleavy said, “Today is a historic day for Alaska. Oil
was discovered in Prudhoe Bay almost exactly 57 years ago and since then
Alaskans have never given up on finding a way to also benefit from our North
Slope natural gas. Alaska has made a significant investment to develop
Alaska LNG to the point where we can engage Glenfarne, a well-qualified
industry leader, to bring this great project to the finish line. Alaska LNG
will strengthen the U.S. geostrategic position in the North Pacific, provide
vital energy security for our residents, our military bases, our businesses,
and our Asian allies, and unlock billions in economic benefit at home and
abroad.”
Glenfarne Chief Executive Officer and Founder Brendan Duval said,
“Glenfarne’s financial, project management, and commercial expertise is well
matched to lead this vital project forward. Alaska LNG will provide
desperately needed energy security and natural gas cost savings for Alaskans
and give Glenfarne unmatched flexibility to simultaneously serve LNG markets
in both Asia and Europe through our three LNG projects. Glenfarne strongly
believes in the benefit of partnering with the communities where we work,
and we are already building our Alaska team to bring Alaska LNG to life.”
AGDC President Frank Richards said, “I’m incredibly proud of the ADGC team
that has worked tirelessly over the past eleven years to develop Alaska LNG.
Through persistence, hard work, and the determination that characterizes the
Alaska spirit, Alaska LNG has successfully advanced through the design and
permitting gauntlet to ignite global market momentum and attract a
world-class developer. Alaska LNG will ensure a brighter future for
generations of Alaskans and I look forward to working with Glenfarne as they
lead Alaska LNG forward.”
AGDC and Glenfarne executed a letter of intent in June 2024 and an exclusive
term sheet in December 2024 in advance of today’s binding agreement.
Glenfarne is the owner of Texas LNG, which has recently announced that its
capacity is fully sold out and Kiewit has joined the project as its EPC
contractor with a final investment decision later this year. Glenfarne’s
affiliate is the largest importer of LNG into Colombia and owns Magnolia
LNG, a late-stage LNG export project located in Lake Charles, Louisiana.
Beyond LNG, Glenfarne owns 50 operating assets in the energy sector across
five countries. Together with Alaska LNG, Glenfarne’s permitted LNG
portfolio totals 32.8 MTPA of capacity under development.
About Glenfarne Group, LLC
Glenfarne Group is a privately held developer, owner, and operator of energy
infrastructure assets based in New York, New York and Houston, Texas, with
offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota,
Colombia; Barcelona, Spain; and Seoul, South Korea. Through its
subsidiaries, Glenfarne owns and operates 50 energy infrastructure assets
through three core businesses: Global LNG Solutions, Grid Stability, and
Renewables. The company’s seasoned executives, asset managers, and operators
develop, acquire, manage, and operate energy infrastructure assets
throughout North and South America. For more information, please visit
www.glenfarne.com.
About AGDC
The Alaska Gasline Development Corporation (AGDC) is an independent, public
corporation of the State of Alaska charged with maximizing the benefit of
Alaska’s North Slope natural gas though the development of infrastructure to
deliver gas to local and international markets. More information about the
Alaska LNG Project can be found at
https://alaska-lng.com
. More information about AGDC is available at
https://agdc.us
.
Contact
Glenfarne – Kris Cole,
Pro-glenfarne@prosek.com
, (310) 652-1411
AGDC – Tim Fitzpatrick,
tfitzpatrick@agdc.us
, (907) 717-4978
Alaska Governor Mike Dunleavy – Jeff Turner,
jeff.turner@alaska.gov
, (907) 310-4961