OMERS acquires stake in Chilean Quintero LNG terminal

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
OMERS acquires stake in Chilean Quintero LNG terminal

Borealis Infrastructure, the infrastructure investment manager of OMERS, has announced that it has signed an agreement to acquire a 34.6% stake in GNL Quintero S.A., (GNLQ).

Remaining shareholders include Enagás and Empresa Nacional del Petróleo (ENAP), the Chilean state owned energy company. As part of the transaction, OMERS has agreed to grant Enagás a 12 month call option for 5% of its shares.

Located 160 km northwest of Santiago, Chile, GNLQ is the southern hemisphere’s first land-based terminal dedicated to the receiving, unloading, storage and regasification of up to 15 million cubic meters / day of liquefied natural gas (LNG). GNLQ is focused on providing clean, efficient and safe energy to markets, which include residential and industrial users, power generators, and the transportation sector. It has been repeatedly recognized for its achievements in terms of corporate citizenship, sustainability and high risk prevention standards.

GNLQ initiated operations in 2009 and has been operating at one of the highest utilization factors and availability rates in the global industry. The high growth in demand triggered an expansion of the terminal´s regasification capacity in 2015 and of its truck loading capacity in 2014. The facility serves practically 100% of the gas demand in central Chile, where 92% of the population lives and 78% of the country's GDP is produced.

Since it commenced operations, it has served 9 gas fired power plants, two refineries, 450 industries, over 700,000 commercial and residential customers, and 7,000 commercial vehicles. As well, the terminal has dispatched over 40,000 LNG tanker trucks to serve customers that are not connected to the pipeline grid, through satellite regasification units that are located up to 1,000 km away from the facility.

Starting in 2016, GNLQ´s production also included natural gas volumes that were transported to Argentina by pipeline over the Andes Mountains during the winter months. The facility has an LNG tanker docking facility, three storage tanks, four vaporizers and a four-bay truck loading station.

Ralph Berg, Executive Vice President & Global Head of Infrastructure, OMERS Private Markets, said:

“Today marks not only our first direct infrastructure investment in Chile, but also signals our entrance into South America. GNLQ is one of the most relevant terminals in the region, providing critical regasification and storage capacity to central Chile.

GNLQ is a well-managed, world-class asset that aligns closely with our ongoing effort to diversify our global portfolio of core infrastructure holdings – and pay pensions to our members. We look forward to working constructively with our fellow GNLQ shareholders, GNLQ management and all local stakeholders in the years ahead.”

List of country news

Country news

  • April 10, 2017

    IIC provides financing to Enel's partially hooked to the grid 75 MW geothermal project in Chile

    South America’s first geothermal power plant Cerro Pabellón, which was built by the Enel Group’s renewable energy subsidiary Enel Green Power Chile Ltda. and Chile’s state-owned hydrocarbons company Empresa Nacional del Petróleo, has started delivering electricity to the Norte Grande Interconnected System that serves northern Chile.

    Read more
  • March 17, 2017

    IFC Global Infrastructure Fund invest in I Squared Capital LATAM energy platform

    IFC, a member of the World Bank Group, and the IFC Global Infrastructure Fund (GIF), a fund managed by the IFC Asset Management Company (AMC),  have invested a combined US$100 million in Orazul Energy Partners LLC, an affiliate of Orazul Energy Holdings LLC, an energy platform in Latin America owned by I Squared Capital.

    Read more
  • February 10, 2017

    Mainstream obtains planning consent for 245 MW of Solar PV in Chile

    Chile’s Environmental Assessment Service has approved Mainstream Renewable Power’s 245 MW Escondido Solar PV facility, making it one of the largest approved projects in the Atacama region.

    Read more
  • February 07, 2017

    Chile announces 4.2 GW renewables tender

    Chile has announced 4.2 GW renewables tender in order to supply the energy needs of the regulated customers of the Interconnected Systems (SIC and SING) from January 1, 2023, for 20 years.

    Read more
  • January 24, 2017

    Governments of Latin America to discuss investment opportunities for energy projects – Washington, D.C March 2017

    Latin American public and private sector leaders will address countries’ policies and strategies to engage investors and stimulate open discussions. 250 energy developers, financiers and public sector stakeholders are expected to attend the meeting from North America and countries across Latin America.

    Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.