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US investors to control FSRU in German ports in future

Caption: The FSRU "Transgas Force" destined for the Stade terminal arrives in Bremerhaven

Two floating LNG terminals (FSRU) that feed gas into the German grid now belong to US investors. The Greek company Dynagas has sold them.

The new owner is Energos Infrastructure, majority-controlled by the private equity firms Apollo and New Fortress Energy. They have acquired the two floating storage and regasification units (FSRU) “Transgas Force” and “Transgas Power” from Dynagas. [ds_preview]

The two 174,000 m³ FSRUs, both built in 2021, will be renamed “Energos Force” and “Energos Power”. For the US investors, the long-term charter contracts concluded with the Federal Republic of Germany are apparently a worthwhile investment.

The two FSRUs are to feed the imported gas into the grid via Mukran (“Power”) and Stade (“Force”). The primary contractual partner is the Federal Ministry of Economics, which has sub-chartered the operational management to the companies Deutsche Regas and Deutsche Energy Terminals.

Energos controls nine FSRUs

With the two new additions, Energos now has a fleet of 13 LNG units, consisting of nine FSRUs, two FSUs and two LNG tankers. “Reliable energy infrastructure is essential to tackle the global energy crisis and reduce carbon emissions,” said Arthur Regan, CEO and Director of Energos Infrastructure.

Energos Infrastructure was formed in August 2022 after New Fortress Energy (NFE) sold 11 of its own vessels to Apollo, valued at around US$2 billion. The joint venture is 80% owned by funds managed by Apollo and 20% by NFE and is the largest operator of LNG vessels on the continent.

Apollo Capital Solutions advised and placed the debt on the financing, which was provided by BNP Paribas, Crédit Agricole CIB, Mizuho Bank and Sumitomo Mitsui Trust Bank. The US fund manager has total assets under management of around $631 billion.

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