Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), and Industrial Bank of Korea (IBK) have signed a US$120 million syndicated loan to fund the acquisition of a shareholding in a liquefied natural gas (LNG) terminal in Chile.

The acquisition consortium is led by InfraPartners Management LLP (IPM) Korea. On August 7, the IPM consortium signed an agreement to acquire a 37% stake in the GNL Mejillones (GNLM) LNG terminal from Chile’s state-run copper company Codelco.

The consortium also features Chilean insurance firms, which have committed US$90 million in equity via the Chile-based Ameris Capital AGF fund.

According to a statement from Codelco, Ameris Capital AGF will pay US$194 million for the 37% stake in the GNLM regasification terminal. It is controlled and operated by Engie of France, which still holds the remaining 63% stake.

The terminal supplies natural gas to the mining and energy sectors concentrated in the north of Chile. Its daily capacity of 5.5 million cubic meters of gas equates to the production of 1,100 MW of electricity.