Green Equity - July 5, 2024
News about stocks involved in environmental markets.
Green Equity is a daily series dedicated to tracking emerging investment opportunities in environmental markets. Notable events include green investments, fundraising, M&A, and new public listings.
News From Public Companies
Golar LNG (GLNG) has secured a deal with Pan American Energy (PAE) for a multi-year use of a floating LNG (FLNG) vessel aimed at harnessing Argentia’s natural gas reserves, particularly from the Vaca Muerta shale formation. This project marks Argentina's entry into LNG exports, leveraging the FLNG Hilli Episeyo with a capacity of 2.45 million tons per annum (mtpa). Scheduled to begin LNG exports by 2027, the initiative includes a gas sales agreement and an FLNG charter agreement with PAE, structured around a base tariff plus LNG sales prices.
RE Royalties (RE) is launching a "best efforts" private placement of Series 4 secured green bonds, aiming to raise up to $10 million in gross proceeds. The bonds will be offered in Canadian or US dollar denominations, with an issuance price of $1,000 per unit. Integral Wealth Securities Limited and Canaccord Genuity Corp. will act as lead agents, with potential syndication. These five-year bonds will bear interest at 9% annually, paid quarterly, and will be secured against the company's portfolio of royalty and loan investments.
Consolidated Water Company (CWCO) reported that Hurricane Beryl, passing near the Cayman Islands, caused no damage to its property and equipment. CEO Rick McTaggart noted that while other Caribbean islands experienced significant damage, Grand Cayman, including areas outside the company's retail water service zone, saw flooding and wave impacts but remained largely unscathed. With the storm moving away and an 'all clear' issued, normal operations have resumed, and no impact on other operations is expected based on the hurricane's projected path.