The Eastern Caribbean Gas Pipeline is a two-phase project. The first phase consists of the construction of a 300 km subsea natural gas pipeline between Tobago and Barbados, and the second phase will extend the pipeline an additional 580 km to other eastern Caribbean islands including Martinique and Guadeloupe.
The pipeline is expected to significantly lower the cost of electricity in islands including Barbados, where fuel oil is primarily relied upon for electricity generation. Upon financial close of the debt financing for the pipeline project, First Reserve’s Energy Infrastructure Fund will have the option to become the majority owner of Eastern Caribbean Gas Pipeline Co.
First Reserve Corporation Managing Director Mark Florian said “The economic and environmental case for the pipeline is…very compelling, with the government and private sector participants aligned on the process to complete the project.”
Phase I of the project is expected to begin construction mid-2013, and is projected to deliver gas by late 2014 or early 2015.
