VTTI and IKAV Enter Agreement to Purchase Majority Ownership of Adriatic LNG, Italy
03.28.2024 By Tank Terminals - NEWS

March 28, 2024 [VTTI]- VTTI, a global leader in energy storage and developer of energy infrastructure, and IKAV, an international asset management group headquartered in Germany, have entered a consortium to acquire majority ownership of Terminale GNL Adriatico Srl, also known as Adriatic LNG, which operates the regasification terminal located 15 kilometres off the coastline of Veneto region in Italy.

 

Adriatic LNG terminal has a technical regasification capacity of 9.6 billion cubic meters of natural gas per year (equal to half of Italy’s current LNG import capacity), supplying approximately 14% of the country’s national consumption of natural gas.

Both VTTI and IKAV have a long-term strategic view on the terminal and aim to further explore growth opportunities in the country. VTTI brings operational knowledge of energy terminals and infrastructure, while IKAV contributes existing in-depth experience in the Italian energy market, as well as a long-term track record in managing and operating both renewable and conventional assets.

The consortium will ensure seamless operations and continuous support to Adriatic LNG, to enhance security of energy supply in Italy, the second largest gas consuming country in the European Union.

The closing of the transaction is expected in the second half of 2024.

Mizuho Securities acted as financial advisor to IKAV. Natixis Partners Iberia acts as financial advisor to the consortium. Natixis and Intesa Sanpaolo act as underwriters for the acquisition financing facility. Herbert Smith Freehills acts as legal advisor to the consortium.

 

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