‘It would be highly reckless on climate and economic grounds for the project to be approved in light of latest information’
A protest against the Shannon LNG development outside the Department of Enterprise and Employment in 2022. Photograph: Gareth Chaney/Collins Photos) plant proposed for the Shannon estuary does not proceed in light of financial difficulties being experienced by the US company behind the project, New Fortress Energy, according to
“The financial failings of New Fortress Energy are another red flag and provide further grounds for the new government to reject Shannon LNG, and LNG more widely. It would be highly reckless on both climate and economic grounds for the project to be approved in light of the latest information,” said Friends of the Earth head of policy Jerry MacEvilly.
New Fortress Energy is reported to be encountering major financial difficulties and restructuring large debts to avoid bankruptcy. Its share price has fallen and its credit ratings have been downgraded. Shareholders have also been filing class-action suits due to project delays.
New Fortress Energy was asked to comment on its financial position and to indicate if it still intended to proceed with the Shannon LNG project but it has not responded to The Irish Times.
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