Alder Midstream acquires IACX Energy from Haddington Ventures

Glenfarne Group’s midstream infrastructure affiliate Alder Midstream has acquired natural gas gathering and processing business IACX Energy from funds managed by US-based private equity firm Haddington Ventures.

Also based in the US, IACX operates across the Mid-Continent region and New Mexico with three gathering and processing systems.

These systems are focused on natural gas, natural gas liquids and helium.

IACX business comprises six processing plants and more than 4,000 miles of gathering pipelines, which will continue to be led by CEO Rex Canon.

Alder Midstream aims to focus on value-added natural gas gathering and processing, the LNG value chain, and stranded gas infrastructure.

Glenfarne Group founder and managing partner Brendan Duval said: “As global energy demand grows with emerging technologies, clean-burning natural gas is expected to represent nearly half of new energy consumption over the next several decades, and demand for natural gas liquids and helium is expected to remain high as well.

“Alder Midstream is focused on improving existing gas infrastructure assets and constructing new projects to facilitate gas flow globally.”

Alder Midstream also owns majority ownership and is a managing member of Texas LNG Brownsville, a $3.5bn late-stage LNG export development project.

Last month, the project received US Federal Energy Regulatory Commission (FERC) authorisation to construct and operate an LNG export facility along the Brownsville Ship Channel in Texas.

Alder Midstream executive vice-chairman Alex Bucher said: “The Alder Midstream platform has a robust pipeline of additional projects across North America, and I’m looking forward to working with Glenfarne, Texas LNG and IACX to execute on these growth opportunities.”