FREIF will purchase a substantial equity stake in Trinity Power from Beowulf, a 225MW natural gas fired power generation facility in the Republic of Trinidad and Tobago.
Beowulf will maintain an ownership stake and continue to manage the Trinity facility, which has a power purchase agreement with the Trinidad and Tobago Electric Commission contracted through 2029.
In addition, FREIF and Beowulf together will acquire a majority stake in the Eastern Caribbean Gas Pipeline Company (ECGPC).
ECGPC is a two phase project, the first phase consists of the construction of a subsea natural gas pipeline between Tobago and Barbados, and the second phase will extend the pipeline to other Eastern Caribbean Islands.
The pipeline is expected to lower the cost of electricity in islands such as Barbados, where fuel oil is primarily relied upon for electricity generation.
Upon financial close of the debt financing for the pipeline project, FREIF will have the option to become the majority owner of ECGPC.
