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Pembina Pipeline (NYSE:PBA) and the Haisla Nation announced Tuesday a final investment decision to move forward with the Cedar LNG project, a floating liquefied natural gas facility located in the Haisla Nation traditional territory on Canada’s West Coast.
The facility, with nameplate capacity of 3.3M metric tons/year, will be powered by renewable electricity from BC Hydro, making it one of the lowest emitting LNG facilities in the world, the partners said.
Pembina (PBA) and Haisla Nation said they expect the project will be funded with asset-level debt financing for ~60% of the project cost – Cedar LNG has secured a construction term loan with a syndicate of banks – and the remaining ~40% of the costs are expected to be financed through equity contributions from both partners.
“The Cedar LNG project will enhance the resiliency of Pembina’s business, provide much needed new egress and greater access to global markets for our customers, and reflects the Haisla Nation and Pembina’s shared values and commitment to supporting a more sustainable future,” Pembina (PBA) President and CEO Scott Burrows said.