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2025 June 3   17:05

Solvang and BlackRock’s GIP form 50:50 joint venture for liquefied gas shipping

Solvang ASA and a fund managed by Global Infrastructure Partners (GIP), a part of BlackRock, announced the formation of a 50:50 joint venture named Solvang Gas Carriers, according to Solvang's release.

The venture aims to expand in the liquefied gas shipping sector, focusing on LPG, ammonia, ethane, and CO2.

Solvang Gas Carriers will initially own Solvang’s fleet of 13 Very Large Gas Carriers (VLGCs) designed for transporting LPG and ammonia. Solvang will continue to operate the fleet.  

Edvin Endresen, CEO of Solvang ASA, stated, “We have actively sought a strategic financial partner to support Solvang’s continued growth and enable execution of larger-scale projects. Global Infrastructure Partners (GIP), a part of BlackRock, brings a global network across shipping, energy, and infrastructure that aligns seamlessly with Solvang’s long-term growth vision. With BlackRock’s GIP on-board we are positioned to pursue large-scale, long-term opportunities. This strengthens our ability to deliver safe, reliable, and efficient liquefied gas shipping solutions at scale for an evolving global market.”  

Fearnley Securities served as the sole financial advisor to Solvang ASA for the transaction.

Solvang ASA is a Norwegian shipping company specializing in the transportation of liquefied gases, including liquefied petroleum gas (LPG) and ammonia. The company operates a fleet of 20 vessels, including 13 Very Large Gas Carriers (VLGCs), with seven additional newbuilds scheduled for delivery through 2027.

Global Infrastructure Partners (GIP), a part of BlackRock, is an independent infrastructure fund manager with over $100 billion in assets under management across equity and credit strategies. GIP focuses on investments in energy, transport, digital infrastructure, and water and waste management sectors. Acquired by BlackRock on October 1, 2024, for $12.5 billion, GIP manages a diversified portfolio of over 300 active investments in more than 100 countries, employing approximately 115,000 people across its portfolio companies.

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