West Africa LNG Group (WALNG) has signed an equity financing deal with an undisclosed 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 finalise long-term offtake agreements with the mining companies in Guinea," said Patricia Moller, WALNG Chair.
"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."
Boasting 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 an LNG import terminal and distribution network in the country.
Guinea is currently in discussions with several 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).
A comprehensive feasibility study funded by the US Trade and Development Agency (USTDA) was recently completed. The study identified over 2,000 MW of power demand from the bauxite industry alone within a 100-mile radius of the terminal’s location.
WALNG is a natural gas-based fuels products and services company specialising in customised turnkey solutions.
