Oil Change International
This analysis examines the banks that are in line to finance the Mountain Valley Pipeline, a 301-mile, $3.5 billion fracked-gas project proposed to run from West Virginia through south central Virginia.
EQT Midstream Partners (EQM) is the driving force behind the project and EQM’s financing reveals the clearest links to the banks that will fund the pipeline.
Eighteen banks are invested in EQM’s two key current financing sources. Six U.S. ‘main street’ banks – banks that are leading providers of personal banking services in the U.S. – rise to the top.
Bank of America leads the pack in providing over $141 million in financial backing. Wells Fargo, the lead arranger of EQM’s credit facility, PNC, SunTrust, Bank of the West (through parent company BNP Paribas), and U.S. Bank are each bankrolling EQM in the range of $76 to $86 million.
Across North America, people are increasingly targeting banks for their funding of new fossil fuel infrastructure. This briefing provides a blueprint to help people fighting the Mountain Valley Pipeline challenge the project’s financing in addition to its permits.
Read the full finance briefing here.
Also see the “Mountain Valley Pipeline: Greenhouse Gas Emissions Briefing” from February 2017.
BB&T isn’t in your brief – but was told they fund Roanoke Gas’ 1%. Has someone done a map showing where facilities are in VA & WV? Maybe NC too – altho maybe neither of these go thru NC, I think some pipeline project is there. We need a day of decentralized divestment actions at as many of these places as we can.
Thank you for this awesome briefing. I just volunteered to help POWHR w/ divestment Days of Action in WV, so I’m reading up.. Do you have anything on banks getting a “Guaranteed profit” (?) from their investment? Also interested in a map of investors in WV, if you have one. Thanks, suz
Thank you for this detailed brief on the MVP. Do you have bank investment info on the ACP,MXP or Rover Pipelines? We are getting informed for July 8 action. suz
Most of my current investments are managed by Wells Fargo. I will now be moving my checking account, mortgage, and other investments TO WELLS FARGO. Thanks for providing me the motivation.
My comment is awaiting moderation? My guess is that means awaiting censorship.
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