Houston-based Arroyo Investors has closed an investment in Seaside LNG, which has a 50% interest in the JAX LNG liquefaction facility in Jacksonville, Florida, and a 100% ownership stake in an LNG bunker barge operation through Polaris New Energy.
Arroyo Investors, which focuses on power and energy infrastructure assets throughout the Americas, did not disclose the scale of its investment in Seaside LNG. Credit Suisse Securities (USA) LLC acted as exclusive financial advisor to Arroyo.
Brandon Wax, Arroyo’s MD, commented: ‘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.
‘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.’
Seaside LNG currently owns the LNG bunker barge, Clean Canaveral, and the Polaris tug, which operates as an Articulated Tug & Barge Unit. Seaside is expanding its barge fleet with the construction of a sister barge that is scheduled for delivery by the end of 2023.