Financing

Indigeous Global Development Corp.(IGDC), a defunct Native American financing company with purported energy deals that would help enrich tribes in the United States, faces charges of fraud, according to in a filing Wednesday by the Securities and Exchange Commission (SEC).

With its $2 billion in bankruptcy court-approved financing, Calpine Corp. now should not need help supplying natural gas to several of its northern California electric generation plants, according to Pacific Gas and Electric Co., which late Friday filed with state regulators to confirm it was dropping contingency plans to step in to supply the needed gas.

Bankrolled by $2.35 billion in exit financing, Atlanta-based Mirant Corp. announced Tuesday it has successfully emerged from Chapter 11 bankruptcy protection, completing the court-approved steps needed to put its reorganization plan in effect. Under the plan, Mirant will convert more than $6 billion of debt and liabilities into equity in the reorganized company, while cutting in half its overall debt.

Norwegian-based TORP Technology announced last week that it has completed financing for a $400 million liquefied natural gas (LNG) terminal to be located 50 miles offshore Dauphin Island, AL. TORP officials now plan to file regulatory documents in 4Q2005, with planned startup in early 2009.

Norwegian-based TORP Technology said Monday that it has completed financing for a $400 million liquefied natural gas (LNG) terminal that would be located 50 miles offshore Dauphin Island, AL. TORP officials now plan to file regulatory documents in 4Q2005, with planned startup in early 2009.

Energy Transfer Partners said it purchased a majority of the entity that owns Houston Pipe Line and related storage assets from American Electric Power Corp. (AEP) for about $825 million. AEP had been planning to sell the assets since last year as part of its strategy to refocus on core regulated operations.

Energy Transfer Partners said it purchased a majority of the entity that owns Houston Pipe Line and related storage assets from American Electric Power Corp. (AEP) for about $825 million. AEP had been planning to sell the assets since last year as part of its strategy to refocus on core regulated operations.

Cheniere Energy said Monday that it has lined up financing for its 2.6 Bcf/d Sabine Pass LNG terminal, which is expected to be in service in 2007. Cheniere’s limited partnership, Sabine Pass LNG LP, closed a $822 million senior secured credit facility with a syndicate of 47 financial institutions. The credit facility will be used to fund a substantial majority of the costs of constructing the terminal in Cameron Parish, LA. FERC approved the terminal last December. It will be the largest LNG import facility by sendout capacity in North America. Construction is anticipated to start by the end of first quarter of 2005.

ExxonMobil Corp. and Qatar Petroleum said Wednesday they lined up $7.5 billion in financing for their giant Qatargas II project, which will export liquefied natural gas (LNG) to Great Britain. The companies said they tapped 57 financial institutions to fund the project, which carries an overall price tag of $12 billion. About $6.5 billion of the $7.5 billion raised to date is in the form of debt. Qatar Petroleum holds a 70% stake in the project, while ExxonMobil owns the remaining 30%. The two companies also said they had awarded $4.5 billion in engineering and construction contracts linked to the project, under which LNG shipments would commence during the winter of 2007-08 using eight tankers engaged on 25-year charters. The Qatargas II project will ship up to 7.8 million tons per year of LNG from a liquefaction plant at Qatar’s Ras Laffan Industrial City to a regasification terminal at Milford Haven in Wales. The initial $700 million construction phase of the Wales project was awarded last month to Texas-based Chicago Bridge & Iron Co.