Pavilion Energy completed the acquisition of Iberdrola's portfolio of LNG assets for $115m.

Pavilion Energy, a Singapore-based LNG company, completed the acquisition of a portfolio of liquefied natural gas assets of Iberdrola, a Spanish multinational electric utility company, for $115m. The portfolio comprises about 4 mtpa of Iberdrola’s long-term sale and supply LNG contracts. It also includes long-term regasification of approximately 2 mtpa at the Grain LNG terminal (UK), regasification access in Spain and the Spanish-France border pipeline capacity, as well as the time-charter of a newbuild MEGI LNG vessel. In a related transaction, both parties have concluded a gas sales agreement for Pavilion Energy to supply natural gas in Spain to Iberdrola Generación Espana. "Building on Pavilion Energy’s success in Singapore and in the Asia-Pacific Basin, this acquisition brings us a portfolio of prime assets primarily in Europe and the Atlantic Basin. The combined portfolio achieves global reach with the scale and flexibility required to outperform. Today is a critical step towards our vision to be a leading global LNG player, leveraging our LNG portfolio with deep access to strategic gas markets in Singapore, Spain, and the UK, combined with sophisticated optimisation and risk management skills," Frédéric H. Barnaud, Pavilion Energy Group CEO.