BELFIELD, North Dakota – Meridian Energy Group, Inc., a leading developer of innovative and environmentally-compliant oil refining facilities, announced they have entered into an engagement agreement with CIBC World Markets Corp. (“CIBC”), under which CIBC will act as Meridian’s financial advisor.
CIBC will assist in structuring and arranging for both debt and equity transactions for the full project financing for Meridian’s Davis Refinery project in Belfield, North Dakota. CIBC is a market leader in providing corporate finance and advisory services and, has decades of experience in major energy project financing in general across the oil and gas value chain, with unique market insights and creative solutions for all downstream capital needs.
Meridian has raised a significant portion of project financing to this point and will continue to raise development financing for completion of pre-EPC work. Meridian has initiated site preparation and grading at the Davis site, and is proceeding with final design and equipment fabrication and procurement with full construction activities and foundation work resuming in Spring 2019. Full commercial operation of the Davis Refinery is expected in late 2020 or early 2021.
Tom Skwarek, member of the Meridian Board of Directors, had this to say on the CIBC engagement, “Meridian is extremely pleased to engage CIBC as its Financial Advisor. CIBC’s leadership in energy project financing and its full range of banking and capital markets skills will ensure access to the right financial partners joining our founding shareholders as construction progresses.”
Meridian Chief Financial Officer, Chad Hope echoed these sentiments, “Meridian is looking forward to CIBC’s expertise to assist in securing the necessary financing to construct and operate the Davis Refinery. This is an important and crucial step in constructing the cleanest refinery to date, in the world.”