Swiss LPG carrier owner Geogas Maritime is teaming up with two funds to buy into LNG newbuildings.
European infrastructure fund DIF Capital Partners said it and Access Capital Partners were working together with Geogas to acquire a 50% stake in a French company that will own and operate a fleet of five gas carriers.
The remaining 50% will be held by NYK, who originally ordered the vessels.
The 174,000-cbm units are being built by leading South Korean shipyards and equipped with state-of-the-art LNG-fuelled propulsion technology, resulting in best-in-class environmental performance, DIF said.
The first ship is expected to become operational in April 2020.
French business lined up
All five units will now fly the French flag and be chartered to a large French and a large European utility under long-term contracts.
They will be project financed under a French lease structure.
Thomas Vieillescazes, head of France for DIF, said: “This is an excellent opportunity for DIF CIF I to invest in high quality assets and grow DIF’s footprint into the expanding LNG sector alongside strong and experienced counterparties.
"We’re also very proud to participate in a strategic project for the further development of the French LNG sector”.
DIF is an infrastructure fund manager with €6bn of assets under management.
It has been contacted for further information.
