Blackstone Credit Acquires 49% Stake in US East Coast LNG Infrastructure Asset

NEW YORK–(BUSINESS WIRE)–Blackstone Credit has acquired EIG’s 49% interest in Elba Liquefaction Company (“ELC”), a joint venture of the Elba Island LNG facility. Kinder Morgan (NYSE: KMI) will remain the operator and retain its 51% stake in ELC.

ELC is an LNG liquefaction facility located near Savannah, Georgia. ELC began full commercial operations in August 2020 and includes 10 mobile modular liquefaction units with a design capacity of approximately 2.5 million tonnes per year of liquefied natural gas (LNG) for export, equivalent to approximately 350 million cubic feet (MMcf) per day of natural gas. ELC generates stable cash flow under a 20-year contract (plus extension rights) with a premium counterparty, providing long-term income to its owners.

JP Morgan Securities LLC acted as exclusive financial advisor and Milbank LLP acted as legal advisor to Blackstone Credit in connection with the transaction.

About Blackstone and Blackstone Credit

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest and the communities in which we work. We do this by using amazing people and flexible capital to help companies solve their problems. Our $915 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, low-quality opportunistic credit, real assets and secondary funds, all on a global scale. . Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Blackstone Credit is one of the largest credit-focused asset managers in the world, with $230 billion in assets under management. We seek to generate attractive risk-adjusted returns for our clients by investing across the full spectrum of the corporate credit market, from government debt to private loans. Our capital supports a wide range of businesses across all industries and geographies, enabling businesses to grow, invest and navigate changing market environments.

About the EIG

EIG is a leading institutional investor in the global energy and infrastructure sectors with $25.0 billion under management as of March 31, 2022. EIG specializes in private investments in energy and energy-related infrastructure. energy on a global scale. Over its 40-year history, EIG has committed $40.1 billion to the energy sector through 380 projects or companies in 38 countries on six continents. EIG’s clients include many of the major pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the United States, Asia and Europe. EIG is headquartered in Washington, DC with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For more information, please visit EIG’s website at www.eigpartners.com.

About Kinder Morgan, Inc.

Kinder Morgan, Inc. (NYSE: KMI) is one of North America’s largest energy infrastructure companies. Access to reliable and affordable energy is essential to improving lives around the world. We are committed to providing energy transmission and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines, 141 terminals and 700 billion cubic feet of natural gas storage capacity. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle a variety of commodities, including gasoline, diesel fuel, chemicals, oil and gas. ethanol, metals and petroleum coke. Learn more about our renewable energy initiatives on the low carbon solutions page on www.kindermorgan.com.