Texas LNG lands $500M from BlackRock's HPS ahead of final go-ahead

What's the deal? Glenfarne GroupDealroom has a profile for this one. Try Dealroom → has secured a $500 million investment in Texas LNG, its liquefied natural gas export terminal at the Port of Brownsville, Texas. The lead investors are funds managed by HPS Investment PartnersDealroom has a profile for this one. Try Dealroom →, a part of BlackRock. The investment is subject to usual and customary conditions.

Why now? The announcement marks one of the final steps before Texas LNG reaches its Final Investment Decision (FID), the point at which a project commits to full construction.

What's the endgame? The money supports continued development and early construction. It backs a recently announced Limited Notice to Proceed with contractor KiewitDealroom has a profile for this one. Try Dealroom →, covering critical equipment purchase orders, engineering, and geotechnical work.

Texas LNG is being built as one of the lowest-emitting LNG export facilities in the world using electric motor drives, according to Glenfarne.

"This latest investment milestone is evidence of the execution readiness of Texas LNG," said Vlad Bluzer, co-president of Texas LNG and partner at Glenfarne.

The signal: The deal reflects continued investor appetite for North American LNG infrastructure. Texas LNG sits within Glenfarne's permitted portfolio of 32.8 MTPA of capacity under development across Alaska, Louisiana, and Texas.

Read more: The Associated Press