Germany import terminal operator Deutsche ReGas is working on plans to more than double the capacity of its newly opened facility at Lubmin with an additional floating storage and regasification unit.
Macquarie Capital and its LNG services company WaveCrest Energy, which provided two rounds of investment along with technical and operational advice to Deutsche ReGas for the Deutsche Ostsee’ LNG import terminal, said the German developer intends to install a second FSRU by the end of this year.
In addition, it is planning potential capacity upgrades which together with the additional FSRU could increase import capacity from 5.2 billion cbm of natural gas per year to 13.5 bcm.
Macquarie Capital said this would make the potential import capacity of the terminal — which was developed in partnership with TotalEnergies with the major also taking capacity at the facility — equivalent to more than 14% of Germany’s 2021 domestic gas consumption, and over one-third of the country’s 37 bcm forecast LNG import capacity in 2024.
The advisory and principal investment arm of Macquarie Group said it will “continue to look for further opportunities to work with Deutsche ReGas”.
The company said WaveCrest, which is headed by former Excelerate Energy chief Rob Bryngelson, is now looking for further opportunities for projects to support in Europe, Latin America and Asia.
Chief executive Bryngelson described the terminal project as “technically challenging and economically important” for Germany and said WaveCrest is well positioned to provide “smart capital” to other ventures.
The Deutsche Ostsee LNG terminal was officially opened on 14 January, has received its operating licence and is undergoing commissioning.
The project, which is based in the draft-restricted port of Lubmin, uses the TotalEnergies sublet the 145,130-cbm FSRU Neptune (built 2009), which is fed by three small-scale shuttle LNG carriers lifting cargoes from a floating storage unit anchored outside the port.
It has the capacity to supply around 5% of Germany’s gas requirements.
Stephan Knabe, chairman of Deutsche ReGas’ supervisory board, said the company hopes for “further successful cooperation” with the companies.
Nicholas Gole, senior managing director at Macquarie Capital, said: “In these challenging times, we need sustainable, pragmatic, and timely energy solutions, and we will continue to look for opportunities to support other important energy projects like ‘Deutsche Ostsee’.”
