UTE GNA II LNG-to-power financing signed

The debt backing the BRL6.042 billion ($1.1 billion) UTE GNA II 1.7GW LNG-to-power project in Brazil signed on 30 November. Sponsored by Prumo Logistica (45,49%) BP Brasil (19,5%) and Siemens (35,01%), the project is the second part of the 3GW GNA integrated LNG-to-power project being developed at the Port of Acu, Rio De Janeiro.

The project debt for GNA II was initially brokered to lenders as a potential pure commercial bank financing in 2019, but the final deal features BRL3.93 billion of 24-year debt (inclusive of four-year grace period) from BNDES priced at TLP-plus295bp, with BRL2.11 billion of equity. Santander was financial advisor.

EPC contractors for the project are Siemens and Andrade Guttierez, with BP as feedstock supplier – the same line-up as the 1.3GMW GNA I scheme.