West Africa LNG Group Secures Bridge Financing for LNG Import Terminal in Guinea
WESTLAKE VILLAGE, Calif., Aug. 22, 2022 /PRNewswire/ — West Africa LNG Group (WALNG) announced today that it closed on an equity financing round with a US-based investor group.
“We are delighted to complete this investment which provides us with the necessary financial resources to fund our operating activities as we finalize long-term offtake agreements with the mining companies in Guinea,” said former Ambassador Patricia Moller, Chair of WALNG. “This financing also gives us greater flexibility as we negotiate with potential strategic and financial partners who have expressed strong interest in participating in the transformative Guinea LNG project,” added Mrs. Moller.
Home to some of the world’s most abundant natural resources and highest quality minerals, Guinea has long suffered from a severe lack of energy to develop its economy and improve the lives of its people. In response to the Guinean Government’s request for a competitively priced, abundantly available, and environmentally sustainable fuel source, WALNG is developing a liquefied natural gas (LNG) import terminal and distribution network in Guinea. The company is currently in active discussions with several strategic and financial investors as well as potential offtake customers.
The Guinea LNG project will supply commercial quantities of natural gas to bauxite mining companies in the Boké, Bel-Air, and Boffa regions to generate power for existing operations and planned bauxite processing facilities (alumina refineries) which will substantially increase Guinea’s beneficiation from its valuable natural resources.
A comprehensive feasibility study funded by the United States Trade and Development Agency (USTDA) has been completed. The study identified over 2,000 MW of power demand from the bauxite industry alone within a 100-mile radius of the terminal location.
WALNG is a natural gas-based fuels products and services company specializing in customized turnkey solutions for its customers. For more information, please visit our website at www.wa-lng.com.