€1bn Shannon gas project acquired

A unit of US equity fund Fortress has bought out the €1bn Shannon LNG terminal project located down the shore from the Tarbert ferry in Co Kerry.

The move signals that the long-delayed bridgehead for liquefied natural gas imports driven by the US into Europe will be completed. The project, which includes a terminal and a 26km pipeline at a cost of €500m, as well as 500MW gas power station, was first proposed 13 years ago. In recent years it faced a further delay over objections by the energy regulator.