Origin Energy Limited (Origin) announced that the remaining US$3.4 billion of shareholder guarantees relating to Australia Pacific LNG’s US$8.5 billion project finance facility have been released after the project met all of the lenders’ completion tests.

In May 2012, Australia Pacific LNG secured a US$8.5 billion project finance facility with US EXIM, China EXIM and a consortium of Australian and international banks to fund the downstream component of the project, including the construction of the Curtis Island LNG facility.

Under the terms of the facility, Australia Pacific LNG’s shareholders – Origin, ConocoPhillips and Sinopec – each provided a guarantee of the debt proportional to their shareholding percentage during the downstream project’s construction phase.

In October 2016, Origin announced that US$5.1 billion of shareholder guarantees relating to the US$8.5 billion project finance facility had been released after the project’s first production train successfully satisfied the Train 1 lenders’ tests.

About Origin Energy

Origin Energy (ASX: ORG) is the leading Australian integrated energy company with market leading positions in energy retailing (approximately 4.2 million customer accounts), power generation (approximately 6,000 MW of capacity owned and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe). Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing Australia’s biggest CSG to LNG project based on the country’s largest 2P CSG reserves base.