Commonwealth LNG gets green light to start construction of $13-B, 9.5-MMtpy LNG terminal
U.S.-based Caturus has given the go-ahead to build a massive liquified natural gas (LNG) facility in Cameron Parish, Louisiana, after raising $9.75 billion in financing for the plant's construction, Mubadala Energy said.
Mubadala Energy, an arm of one of Abu Dhabi's sovereign wealth funds, holds a 24.1% stake in Caturus and was also an equity participant in the project's financing.
Energy investor Kimmeridge and Canada Pension Plan Investment Board (CPP Investments) also provided funding for the plant, with the latter contributing $1.2 billion and increasing its stake in Caturus to 31%.
The export facility, called the Commonwealth LNG project, will have a capacity of 9.5 million metric tons per annum.
Caturus said it has already secured long-term supply deals with EQT LNG Trading, Glencore, Mercuria, and Malaysia's Petronas and Saudi Aramco's Aramco Trading, Mubadala Energy said in a statement, adding that plant operations were expected to start in 2030.
In addition, major financial partners in the project include EOC Partners, funds and accounts managed by BlackRock, and an Ares Infrastructure Opportunities fund.
Caturus previously authorized Technip Energies, Commonwealth LNG's EPC partner, to order major long-lead equipment for the facility. The partnership will leverage Technip Energies' global LNG expertise and a modular approach to improve safety and efficiency across the site. The facility will include six Baker Hughes mixed-refrigerant compressors powered by LM9000 gas turbines, six Honeywell main cryogenic heat exchangers and four Titan 350 gas turbine-generators from Solar Turbines. The Commonwealth LNG project will also be capable of loading LNG carriers up to 216,000 cubic meters.
The Commonwealth LNG facility is expected to generate about $3 billion in annual export revenue once online.
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