Closing of $22.5 Million Loan Plan Paves Way for New LNG Plant
Applied LNG said Monday that it’s closed on a $22.5 million senior secured loan provided by Texas Capital Bank, paving the way for the firm’s new liquefied natural gas plant in Midlothian, Texas. updated February 5
“This transaction completes the financing of our first liquefaction train in our Midlothian LNG Production Platform,” Applied president and CEO Cem Hacioglu said in a release. “We are delighted to partner with Texas Capital Bank to complete this financing on attractive terms which we believe is a testament to the financial and operational stability of our company and its tremendous growth potential.”
Applied LNG’s first production train in Midlothian, immediately south of Dallas-Fort Worth, is expected to be completed in mid-2015. It will be the company’s third liquefier and will increase Applied LNG’s production capacity to 258,000 LNG gallons per day.
Applied has two LNG production trains in place at Topock, Ariz.
Applied said on February 5 that Clean Energy Fuels and Cosmodyne veteran Greg Roche has signed on as sales and marketing VP. He is to “work with customers and strategic partners to expand the role of LNG in the North American fuel market.”
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Source: Applied LNG with Fleets & Fuels follow-up