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Partner News

The Money Behind the Mountain Valley Pipeline: Is Your Bank Financing Another Fracked-Gas Disaster?

2017-05-18
By: Oil Change International
Photo: Oil Change International
2017-05-18
By: 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.

Banks

Bank of America

United States
Active

BNP Paribas

France
Active

PNC

United States
Active

U.S. Bancorp

United States
Active

Wells Fargo

United States
Active
Dodgy Deals
There are no active project profiles for this item now.

Mountain Valley Pipeline

United States
Project
On record
Pipeline Transportation of Natural Gas

Mountain Valley Pipeline

United States
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