CKI Nears Deal for National Grid’s £2 Billion LNG Terminal
(Bloomberg) -- CK Infrastructure Holdings Ltd. has emerged as the lead bidder for a UK liquefied natural gas terminal valued at about £2 billion ($2.7 billion), according to people familiar with the matter.
The Hong Kong-based company is negotiating final terms of a deal for National Grid Plc’s Grain LNG facility and could reach an agreement as soon as the coming days, the people said, asking not to be identified because the information is private. CKI was competing with a consortium led by Ontario Municipal Employees Retirement System.
Selling the Grain LNG asset, one Europe’s biggest gas import terminals, would help National Grid fund its massive investment program to decarbonize the UK power grid. The firm plans to spend more than £30 billion over the next five years on expansions and upgrades as the economy electrifies and more renewables will enter the network.
Talks are ongoing, and there is no certainty that an agreement will be reached, said the people. About 20 parties had initially expressed interest in the asset.
A spokesperson for National Grid declined to comment, while representatives for CKI and Omers didn’t immediately respond to requests for comment.
CKI, backed by Hong Kong tycoon Victor Li, is bolstering its assets in the UK after completing a second listing in London last year. The firm’s other major investments in the nation include UK Power Networks, Northern Gas Networks, Northumbrian Water and Phoenix Energy.
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