Macquarie Launches New LNG Platform

WaveCrest Energy will develop, build, and own LNG assets to service underserved markets.

Macquarie Bank Building at King Street Wharf
Macquarie venture aims to expand global LNG market.
Manfred Gottschalk/Getty Images

Macquarie Group investment arm Macquarie Capital has entered the liquefied natural gas (LNG) solutions market with the formation of WaveCrest LNG LLC, a platform that will develop, construct, own, and operate LNG regasification, power, and downstream infrastructure assets.

The platform will deliver project financing, construction and commercial operation as well as subsequent project expansions. The company will initially focus on serving Latin American and Asian markets and seek to establish and grow market demand for natural gas by providing greater access to the relatively low-cost fuel source that also has lower carbon emissions than coal and fuel oils. It will support reduced direct emissions by enabling fuel switching to natural gas, which will serve as a natural complement to the growing penetration of renewable energy.

WaveCrest is led by Chief Executive Rob Bryngelson, former cofounder and CEO of Excelerate Energy, an early entrant in the use of floating storage and regasification units.

“Global energy demand growth, coupled with an increasing focus on climate change, positions natural gas as a key energy source in the transition to a low-carbon energy future,” Bryngelson said. “WaveCrest is designed to bring natural gas to underserved markets around the world through innovative and flexible LNG projects, delivering a cleaner fuel source for both existing and incremental needs.”

Macquarie Capital has more than $25 billion in infrastructure projects under construction or development.