OFFSHORE AGUIRRE, Puerto Rico, Dec. 22, 2011 /PRNewswire/ -- Excelerate Energy has executed an agreement with the Puerto Rico Electric Power Authority (PREPA) to undertake the development and permitting of a floating offshore LNG regasification facility off the southern coast of Puerto Rico. The facility, named Aguirre GasPort®, will provide fuel to the Central Aguirre Power Plant and is a step forward in the island's strategy to convert power generation from high-cost, high-emissions imported oil to cost-effective, cleaner-burning natural gas.
The Central Aguirre Power plant has already converted 600 MW of its available 1500 MW to utilize natural gas and has plans to convert the remaining 900 MW prior to completion of Excelerate Energy's Aguirre GasPort.
PREPA recognizes the urgent need to reduce the dependence on oil and increase the use of natural gas to stimulate economic development, attract industries, improve the quality of life and create more jobs on the island. "If we want to be competitive at the global level, we must substantially reduce dependence on oil. The construction of the Aguirre GasPort facility will allow us to reduce that dependency," a PREPA representative stated.
The Aguirre GasPort will be located approximately four miles offshore the southern coast of Puerto Rico, near the towns of Salinas and Guayama and will utilize one of Excelerate Energy's 150,900 m3 floating storage and regasification vessels. The facility will operate year-round, delivering natural gas to PREPA's Aguirre Power Plant as its primary fuel source, eliminating the use of heavy fuel oil and diesel. Construction of the Aguirre GasPort will be Excelerate Energy's seventh floating LNG import facility ‒ the most of any company in the industry.
"We are extremely pleased to partner with PREPA in providing Puerto Rico with a reliable, clean fuel source for power generation that will greatly reduce air emissions for the Island. Our experience and expertise in delivering floating regasification solutions in a cost-effective and timely manner ensure that we will provide an efficient and reliable project for PREPA," said Rob Bryngelson, President and CEO of Excelerate Energy.
The Aguirre GasPort will require authorization from the Federal Energy Regulatory Commission (FERC) and be subject to a full public environmental review and analysis under the National Environmental Policy Act (NEPA). The facility is expected to be in-service in 2014.
The Aguirre GasPort utilizes proven technology that has been utilized in Argentina, Kuwait, Brazil, the United States and England. The company's fleet of eight purpose-built LNG regasification vessels is capable of transporting, storing, and delivering approximately 3.0 to 3.2 billion cubic feet (bcf) of natural gas into various markets worldwide. Excelerate Energy is currently constructing the world's largest FSRU for Petrobras in Brazil, which will have a storage capacity of 173,400 m3. This vessel is expected to enter into service in May of 2014.
ABOUT THE PUERTO RICO ELECTRIC POWER AUTHORITY
The Puerto Rico Electric Power Authority (PREPA) is a public corporation that was founded in 1941. PREPA owns and operates electric generating and distribution facilities serving all of Puerto Rico, supplying 99 percent of the power consumed on the Island. Dependable generating capacity aggregates approximately 4.4 million kilowatts, and adequately supplies the highly industrialized economy of Puerto Rico. PREPA is directed by a Government Board.
ABOUT EXCELERATE ENERGY®
Excelerate Energy L.P. is a developer of LNG transportation and regasification infrastructure, a provider of LNG storage and regasification services and an importer of LNG. Excelerate leads the industry in the development of innovative, flexible and less capital intensive floating LNG importation solutions based on our dockside (GasPort) and offshore (Gateway) Energy Bridge shipboard regasification technology. In just eight years Excelerate has developed nine Excelerate Energy Bridge FSRUs, two Gateway offshore LNG importation terminals and four dockside GasPort LNG importation terminals. The company has also developed into a global LNG Marketing and Trading organization active in the short-term market. For more information please visit www.excelerateenergy.com.
SOURCE Excelerate Energy L.P.