Under the €4.1bn, 20-year agreement, Iberdrola will receive LNG beginning in 2019 at the Corpus Christi liquefaction plant that Cheniere will build near Corpus Christi, Texas, US.
The contract will serve to replace part of the LNG covered by supply agreements which will expire during this period.
Iberdrola will receive an initial volume of 0.5bcm of LNG starting as early as 2018 once the first train is ready.
An additional 0.5bcm of LNG will be supplied to Iberdrola once operations start on the second train while Cheniere is planning to build up to three trains at the Corpus Christi plant for producing up to 13.5 million tonnes per annum (mtpa).
Currently, Iberdrola has operations in around 30 countries, 45,000MW of installed capacity, 32 million customers and more than 28,000 employees.
Image: Iberdrola and Cheniere Energy offiicials during LNG contract signing. Photo: courtesy of Iberdrola, S.A.
