- €879m conditional debt commitment signed with Export Finance Australia and seven banks for Phase One Lionheart Project.
- Target total debt package is approximately €1.5bn-€1.6bn, with final finance documentation expected in the first half of 2025.
- Total project funding required is estimated at €2.2bn, including €1.4bn in capital expenditure.
- Additional approvals sought from Export Development Canada, Bpifrance AE, and SACE to meet total debt requirements.
Debt Commitment Overview
Vulcan Energy has secured a €879m conditional debt commitment from Export Finance Australia and seven commercial banks for the Phase One Lionheart Project. This commitment is part of a larger target debt package of €1.5bn-€1.6bn, with final finance documentation expected in the first half of 2025.
Project Funding Requirements
The total funding required for the Lionheart Project is estimated at €2.2bn, which includes €1.4bn in capital expenditure. Additional costs include €270m in financing costs, €241m in contingency and standby facilities, €180m in owners' costs, and €103m for debt service reserve account and ramp-up costs.
Involvement of Financial Institutions
The European Investment Bank has shown interest in participating in the project financing. Vulcan is also seeking additional approvals from Export Development Canada, Bpifrance AE, and SACE to meet the total debt requirements. The commercial bank group includes four structuring banks: ABN AMRO, ING, Natixis CIB, and UniCredit, along with three additional international project finance banks.
Next Steps
All debt facilities and credit approvals remain conditional, requiring completion of due diligence, final credit committee and board approvals, and execution of full legal documentation. Vulcan aims to finalize the financing package by maintaining momentum into the next year.
