Dynamo

Largest LNG receiving and regasification facility in France

Dunkerque LNG is an LNG receiving and regasification facility in northern France

Investment overview
Industry
LNG
Country
France
Rivage role
Part of syndication

Commissioned in 2017, with a capacity of 13 bcma (billion cubic metres per annum), the terminal is owned at 61% by a consortium composed by the gas infrastructure group Fluxys, AXA IM, Crédit Agricole Assurances, and at 39% by a consortium of Korean investors led by IPM Group in cooperation with Samsung Asset Management.

Refinancing the 800m€ existing senior debt put in place in 2018, which had a 4-year maturity.

Dunkerque LNG has contracted until 2036 c. 75% of its capacity with EDF and Total Gas & Power Limited, the remaining capacity is sold on the spot market or contacted with a shorter maturity.

Investment rationale

The terminal benefits from the longstanding LNG experience of Fluxys, which operates the Zeebrugge LNG terminal.

Dunkerque LNG is the largest LNG terminal in France.

The revenue stream secured until end 2036 by throughput agreements on a Ship-or-Pay basis (no volume risk).

Investment overview
Industry
LNG
Country
France
Rivage role
Part of syndication
Conservative structuring
Robust financing structure based on the long term secured revenues, resulting in an investment grade transaction
Strong Demand
Thanks to the strong market dynamics, the terminal benefits from long term contract with tier one off-takers
Top tier sponsors
Thorough knowledge of the LNG market from Fluxys

Our infrastructure senior debt investments span across Europe