THE WOODLANDS, TEXAS, April 8, 2014 (GLOBE NEWSWIRE) -- Excelerate Energy and the Puerto Rico Electric Power Authority (PREPA) have reached a significant milestone in their partnership by executing the definitive agreements for the procurement, construction and operation of the Aguirre Offshore GasPort terminal. The agreements include the provision of one of Excelerate's floating storage and regasification units (FSRU) specifically designed to provide closed-loop regasification services, together with the design, construction and operation of an offshore terminal for the berthing of the FSRU and the reception and transfer of LNG from a wide array of LNG carriers. The definitive agreements are critical in advancing the efforts for detailed engineering and the procurement of long lead items for the project.
"We are delighted to have reached this important milestone. PREPA and Excelerate have been working together for the past months to define the technical and operational aspects of the project, as well as completing the necessary environmental studies, in order to reach this step," stated Rob Bryngelson, President and CEO of Excelerate, "We recognize that the Aguirre Offshore GasPort facility is a crucial project for bringing a reliable, clean fuel source for power generation to the island – we thank PREPA for placing their trust in our company."
The project is well advanced in the Federal Energy Regulatory Commission (FERC) process and is expected to receive its Draft Environmental Impact Statement (DEIS) in the coming month. Pending FERC approval, construction is expected to begin the fourth quarter of 2014.
About Excelerate Energy®
Excelerate Energy L.P. is the pioneer and market leader in innovative floating LNG solutions. We provide integrated services along the entire LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to our customers. Excelerate offers a full range of floating regasification services, from FSRU to infrastructure development; we serve the upstream market through the development of floating liquefaction (FLNG) solutions; and our established trading and chartering team is active in the global market and provides access to LNG supply and market to both our downstream and upstream customers. Headquartered in The Woodlands, Texas, Excelerate has a presence in Buenos Aires, London, Rio de Janeiro, and Singapore. For more information, please visit www.excelerateenergy.com.