Crédit Agricole Assurances announces its acquisition of an interest in Dunkerque LNG, France’s largest liquefied natural gas port terminal
Following a competitive process launched by EDF and Total, Crédit Agricole Assurances is announcing that it has agreed to acquire an interest equivalent to 15,19% for transparency in the capital of Dunkerque LNG, the company that holds the concession for the Dunkerque LNG terminal.
With Fluxys already holding 25% in the facility, Fluxys through the consortium will have 30,39% in the capital of the terminal while AXA Investment Managers – Real Assets, acting on behalf of clients, and Crédit Agricole Assurances each will hold 15,19%. The vendors have agreed to sell 39,24% to a consortium of Korean investors led by IMP Group.
Operational since January 2017, Dunkerque LNG is one of the largest liquefied natural gas terminals in continental Europe. With a regasification capacity of 13 billion cubic meters and a storage capacity of 600,000 cubic meters, Dunkerque LNG is able to cover 20% of demand for gas in France and Belgium.
Dunkerque LNG’s operations benefit from a good level of visibility, with around 75% of the terminal’s capacity taken up by EDF and Total under long-term contracts running through to 2036.
For Jean-Jacques Duchamp, Deputy Managing Director of Crédit Agricole Assurances: “This operation is in line with our strategy as a long-term institutional investor and our diversification. This is reflected in the financing of major projects supporting regional development, particularly in the infrastructure sector, within which Crédit Agricole Assurances is a leading investor. We are also delighted to secure this partnership with AXA Investment Managers – Real Assets and Fluxys, and the combination of our industry knowledge and expertise will enable the project to achieve its ambitious goals”.
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