Excelerate Energy, Inc. (NYSE: EE) (“Excelerate”) announced on Wednesday (Dec28) that its floating storage and regasification unit (“FSRU”), the Exemplar, arrived at the port of Inkoo, Finland on December 28, 2022. The FSRU was previously loaded with a partial cargo of liquefied natural gas (LNG) which will serve as the initial commissioning cargo for the terminal. The FSRU Exemplar, which is chartered to Gasgrid Finland Oy (“Gasgrid”) for a period of ten years, will provide flexible, reliable, and secure delivery of regasified LNG to Finland and other Baltic countries.
“The arrival of the FSRU Exemplar at the port of Inkoo represents an important milestone for Finland as it prepares to enhance its energy security and bring essential energy infrastructure to the region,” said Steven Kobos, President and CEO of Excelerate. “This is a tremendous accomplishment for everyone involved, and we are proud to have partnered with Gasgrid on this opportunity.”
In addition to providing regasification services under the Time Charter with Gasgrid, Excelerate, through its recently formed Finnish gas marketing subsidiary, Excelerate Finland Gas Marketing Oy (“Excelerate Finland”), has executed an agreement for the sale of commissioning volumes and regasification capacity rights during the commissioning phase. Through this agreement, Excelerate Finland will be able to provide natural gas to downstream customers in Finland and other Baltic countries.
The FSRU Exemplar departed drydock in Spain on December 6 where it underwent customer-requested winterization upgrades. The vessel subsequently procured its cargo from Excelerate’s global LNG portfolio via a ship-to-ship transfer with the FSRU Excelsior near Gibraltar. The Excelsior recently completed its 10-year service in Israel and will go on charter to the Federal Republic of Germany in 2023.
The FSRU Exemplar is 291 meters long and 43 meters wide. It has a storage capacity of 150,900 m3 of LNG and can provide more than 5 billion cubic meters per year (bcm/y) of regasification capacity.