[Finland] FSRU Exemplar

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[Finland] FSRU Exemplar

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The FSRU will deliver LNG to support Argentina in managing peak energy demand, while providing cost savings and emissions reductions

JUNE 2, 2021

Buenos Aires, Argentina – Excelerate Energy L.P. (Excelerate)announced today, the company’s floating storage and regasification unit (FSRU) the Exemplar has begun operations in Bahia Blanca, a port city located 400 miles south of the Argentine capital Buenos Aires. The Exemplar, with a storage capacity of 150,900 m3, will deliver liquefied natural gas (LNG) for the 2021 winter season in Argentina, providing reliability and stability to the country’s energy system despite operating in the challenging conditions of the South Atlantic.

“We are excited to return to Bahia Blanca and continue our partnership with IEASA and YPF to deliver an energy solution that is flexible, cost-effective, and environmentally-friendly during a critical period of peak demand,” said Daniel Bustos, Excelerate’s Chief Commercial Officer. “We are confident the Exemplar can perform again with our local Argentine crew to support the country’s energy transition and post-COVID economic recovery this winter.”

The return of Excelerate’s FSRU comes after the company won an international, competitive tender for seasonal regasification service in Bahia Blanca earlier this month. Excelerate developed the Bahia Blanca GasPort, South America’s first LNG import terminal in 2008 and has also operated GNL Escobar, an LNG import terminal along the Paraná River, since 2011.

Known as clean, flexible, and accessible, LNG helps countries like Argentina, reduce their dependence on carbon-intensive and more expensive fuel sources. Between 2016 and 2020, Argentina reduced its CO2 emissions by approximately 9.5 million tons through the use of LNG instead of diesel and other liquid fuels
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Re: FSRU Exemplar

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May 20, 2022

Floating LNG Terminal will provide energy security and supply diversification to Finland while also serving more broadly the needs of the Baltic Sea region

Helsinki, Finland – Excelerate Energy, Inc. (NYSE: EE) (“Excelerate”) and a subsidiary of Gasgrid Finland Oy (Gasgrid Finland) today signed a ten-year contract in Helsinki to charter a floating storage and regasification vessel (FSRU) that will provide flexible, reliable, and secure liquefied natural gas (LNG) to Finland, Estonia, and the Baltic Sea Region.

Excelerate President and CEO Steven Kobos, Gasgrid Finland CEO Olli Sipilä and Gasgrid Finland Chairman of the Board Kai-Petteri Purhonen signed the contract at the Government Palace in Helsinki in a ceremony also attended by Minister of Finance Annika Saarikko, Director-General for Energy Riku Huttunen, and U.S. Ambassador to Finland Douglas Hickey.

Under the time charter party agreement, Excelerate will deploy its FSRU Exemplar to provide regasification services in Southern Finland. The Exemplar has storage capacity of 150,900 m3 of LNG and can provide more than 5 billion cubic meters per year (bcm/y) of regasification capacity.

Per the cooperation agreement signed on May 4 by Gasgrid Finland and Estonia’s gas transmission operator Elering AS, the FSRU may be located in an Estonian port this winter if the port structures are not yet completed in Finland. The Governments of Finland and Estonia published a memorandum of understanding on April 29 agreeing to jointly lease an FSRU.

“Flexible access to LNG is a critical component of European energy security,” said Steven Kobos, President and Chief Executive Officer of Excelerate. “We are honored to collaborate with Gasgrid Finland to deliver essential energy infrastructure that will benefit Finland and more broadly the Baltic Sea region. As a leader in flexible LNG solutions, Excelerate is proud to support the goals of the U.S.-EU Task Force for Energy Security, which include diversifying LNG supplies in alignment with climate objectives.”

Olli Sipilä, CEO of Gasgrid said, “We are glad that we were able to sign the agreement on such a fast schedule. It required the committed contribution of dozens of top professionals, for which I am very grateful. The project requires seamless cooperation between different actors as well in the future, and the project is progressing as planned. Leasing an LNG terminal vessel is extremely important, as it ensures security of supply for gas supplies in both Finland and Estonia. On the other hand, we see that there is a need for the terminal in the wider Baltic Sea region and it has been received with interest.”
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