Blackstone completed the acquisition of a 49% stake in Elba Liquefaction Company from EIG Partners.

Blackstone, a private equity firm, completed the acquisition of a 49% stake in Elba Liquefaction Company, a joint venture entity of the Elba Island LNG facility, from EIG Partners, a provider of institutional capital to the energy sector globally. Financial terms were not disclosed. ELC is an liquefied natural gas liquefaction facility located near Savannah, Georgia. ELC began full commercial operations in August, 2020, and is comprised of 10 movable modular liquefaction units with a nameplate capacity of approximately 2.5m tons per annum of liquefied natural gas for export, which is equivalent to approximately 350m cubic feet per day of natural gas. ELC generates stable cash flow under a 20 year contract with an investment grade counterparty, providing long duration income to its owners.