Houston-based Caturus has reached a final investment decision on its Commonwealth LNG export terminal in Cameron Parish, La., closing on $9.75 billion in project financing to move forward with construction of the 9.5-million-metric-ton-per-year facility.
The company said the total project attracted $21.25 billion in commitments from equity and debt investors for what it described as a “wellhead-to-water” integrated natural gas and LNG operation. The project is expected to begin operations in 2030 and generate more than $3 billion in annual export revenue.
According to the company, long-term offtake agreements have been secured with a range of counterparties, including EQT, Glencore, Mercuria, PETRONAS and Aramco Trading.
Caturus states the Commonwealth LNG facility will be capable of loading LNG carriers up to 216,000 cubic meters. Major equipment planned for the terminal includes 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.
Caturus said EPC contractor Technip Energies had already been authorized to begin ordering long-lead equipment for the project, which will use a modular construction approach.
“This landmark occasion, in parallel with continued growth of Caturus' upstream platform, is the culmination of years of strategic planning, strong partnerships and commitment to delivering a fully integrated ‘wellhead-to-water’ project,” Ben Dell, managing partner of Kimmeridge and chairman of Commonwealth LNG, said in a statement.
The financing package includes continued participation from Mubadala Energy and CPP Investments. CPP Investments said it would contribute $1.2 billion to increase its ownership stake in the Caturus platform to 31%.
Additional project financial partners include EOC Partners, BlackRock-managed funds and accounts, and an Ares Infrastructure Opportunities fund.
Caturus said the LNG facility is part of a broader integrated natural gas strategy that includes upstream production assets. In recent weeks, the company expanded those holdings through the acquisition of Galvan Ranch natural gas assets from SM Energy. According to the company, Caturus is now producing more than 1 billion cubic feet equivalent per day on a net basis.
