Cheniere Energy, Inc. (“Cheniere”) (NYSE MKT: LNG) through its subsidiary, Cheniere Marketing International LLP (“Cheniere Marketing”), has entered into a liquefied natural gas (“LNG”) sale and purchase agreement (“SPA”) with Central El Campesino, under which Central El Campesino would purchase approximately 0.6 million tonnes per annum (“mtpa”) of LNG delivered ex-ship for 20 years beginning in 2019 from the Corpus Christi Liquefaction Project currently under construction near Corpus Christi, Texas.
Central El Campesino is developing a 640 MW gas-fired combined-cycle power plant in Chile which is expected to provide power into Chile’s Central Interconnected System (SIC). In the December 2014 power auction, Central El Campesino won a bid to sell approximately 480 MW to local distribution companies (LDC’s), which would underpin the construction of the power plant. The LNG would be delivered, stored and regasified at the proposed floating storage regasification unit (FSRU), Penco Lirquén LNG Terminal.
Biobiogenera Executive Director Juan José Gana said “this SPA means certainty about the future of electricity supply for consumers, who today experience problems due to the high level of prices that affect them, and which limits the development opportunities of the country”.
Cheniere’s Executive Vice President of Marketing, Meg Gentle said “We look forward to being a reliable supplier of LNG to Central El Campesino for this important new gas-fired power plant, which will increase the availability of power and have a positive impact on the Chilean electricity market. This transaction is consistent with our strategy of working with customers on gas to power solutions and developing downstream LNG markets”.
The Central El Campesino power plant is being developed by the Chilean company Biobiogenera in association with Electricite de France (EDF). In order to reach a final investment decision and commence construction on the Central El Campesino power plant and the Penco Lirquén LNG Terminal, both projects must receive regulatory approvals and obtain financing. Cheniere is a fifty-percent partner in the Penco Lirquén LNG Terminal.
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