Houston-based investment manager Arroyo Investors announced it has closed an investment in Seaside LNG and its affiliated entities, an integrated shore-side liquefied natural gas (LNG) liquefaction and bunkering platform in the U.S. Financial details were not disclosed.
Seaside LNG owns interests in two separate operating businesses, including a 50% ownership interest in JAX LNG, a small-scale (360,000 gallons/day) LNG liquefaction facility operating two trains in Jacksonville, Fla.; as well as a 100% ownership stake in an LNG bunkering barge operation through Polaris New Energy.
Arroyo is mainly focused on power and energy infrastructure assets throughout the Americas, and the firm's managing director said the investment is part of the firm's strategy to be part of the maritime industry's transition to cleaner fuels.
“We believe this investment represents a differentiated opportunity for Arroyo to own and operate infrastructure assets that are strategically positioned to help facilitate the global marine industry’s transition from traditional heavy fuel to cleaner LNG, in compliance with IMO 2020,” said Brandon Wax, managing director at Arroyo. “As an economic and environmentally friendly fuel supply alternative, we believe LNG is a key component in the transformation of the energy landscape and Seaside LNG is well positioned to lead the way by supplying LNG to its customers.”