Browsing: Overseas Private Investment Corporation (Opic)

Renergen signs $40mln loan agreement with US - The Exchange

Emerging liquefied natural gas and helium producer, Renergen, on Wednesday said it had signed a US $40 million loan agreement with the Overseas Private Investment Corporation (OPIC) for a gas project in the Free State province.

Renergen’s principal asset is its 90 per cent shareholding in Tetra4, which holds the first and only onshore petroleum production right in South Africa, giving it a first-mover advantage on the distribution of domestic natural gas.

OPIC is the United States government’s development finance institution that mobilizes private capital to help solve critical development challenges and advances the foreign policy of the United States and national security objectives.

Renergen said this loan would provide access to the capital required to construct the first phase of the Virginia gas project.

It also said this was a major endorsement of the project by the US government, and the increasing importance of securing helium, with significant supply …