Energy: power is the first infrastructure

No economy has developed without energy, and no emerging economy will. MIG’s Energy vertical is built on that single observation. We finance and operate the generation that emerging nations need, we trade and supply the fuel that generation runs on, and we are building the platforms — floating power, floating data centres — that bring both to places the grid has not reached.

Three lines of work.

Generation.

MIG finances power generation against contracted revenue: power purchase agreements with creditworthy offtakers, availability payments, sovereign-backed offtake. The financing is non-recourse — the lender looks to the plant and its contract, not to the sponsor’s balance sheet — and where the structure supports it, it is delivered through the MIGCorp Bond™. Our Central American experience in generation and transmission is the foundation of this practice: bonds placed against the offtake, discounted against the revenue the contract guarantees.

Fuel — energy trade financing.

Generation needs fuel, and fuel needs credit. MIG finances and trades energy commodities, primarily LNG. We can provide the LNG offtake for a project, trade the cargo in the market, or take it for consumption in our own generation. Holding the fuel position alongside the generation position is the energy equivalent of our agricultural chain: it removes the counterparty between the molecule and the megawatt.

Floating power and floating compute.

Through our portfolio company Blue Sea Power, MIG develops floating LNG-to-power — storage, regasification and generation on a moored barge, built in a shipyard in parallel with the demand it serves and delivered to the coast. It was designed for the islands and coastlines the grid forgot. It is now being designed for a newer customer: the AI data centre, whose single binding constraint is the speed at which power can arrive. MIG and Blue Sea Power are working on floating barge configurations built specifically for AI compute — power and data centre as one moored package. We see floating nuclear as the clean end-state of the same model: the same mooring, the same platform, the fuel question removed.

Emerging nations and energy.

The AI build-out has made the developed world discover what emerging markets have always known: a data centre can be built in a year, the power for it takes five. For an emerging economy the gap is wider and the cost of waiting is higher — industry does not come, agriculture cannot process, and capital goes where the lights are on. MIG’s position is that energy is the development question, not one of them, and that the financing tools we use for a data centre in the Gulf are the same tools that electrify a province in Mozambique: contracted offtake, a rated vehicle, a guarantee, and power that arrives on a schedule a lender can underwrite.

Why MIG.

We are an operator, not only a financier: a portfolio company building the barges, a trading desk moving the fuel, a structuring team placing the bond. That lets us take positions others cannot — in the fuel, in the plant and in the paper at the same time — and it means the Energy vertical generates its own deal flow rather than waiting for a bank’s.