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