RWE Group to acquire 50% stake in Excelerate Energy

RWE Group has signed an agreement to acquire a 50% stake in the US-based liquefied natural gas business Excelerate Energy.

According to RWE, this acquisition strengthens co-operation between the Essen-based utility and Excelerate and contributes to developing RWE’s liquefied natural gas (LNG) business.

Excelerate currently has long-term charter for four operational LNG vessels, three of them with onboard regasification equipment. The fleet could be increased to nine vessels by 2010. Each vessel can transport roughly the same amount of gas that is required to heat around 40,000 homes for one year.

Juergen Grossmann, CEO of RWE, said: Linking Excelerate’s business with RWE’s gas activities provides a platform for strong growth in the gas market. We are active both in the pipeline and the LNG business. Our partnership is of strategic importance.