KEY POINTS
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Caturus approved final investment decision for the $13 billion Commonwealth LNG project in Cameron Parish, clearing the way for full construction of the 9.5-million-tonnes-per-annum export terminal.
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The company closed $9.75 billion in project financing and said total commitments reached $21.25 billion, with backing from Mubadala Energy, CPP Investments and other financial partners.
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Caturus said Phase 1 is expected to generate more than $3 billion in annual export revenue by 2030, supported by long-term offtake agreements and major equipment orders.
Caturus has reached final investment decision on its $13 billion Commonwealth LNG export facility in Cameron Parish, La., unlocking full construction after closing $9.75 billion in project financing for the 9.5 million-tons-per-annum terminal, the company said May 15.
The Houston-based company said the financing round drew strong interest from debt and equity investors, producing total commitments of $21.25 billion for the project and related platform backing. Caturus said Phase 1 is expected to generate more than $3 billion in annual export revenue once operations begin in 2030.
Construction Scope Comes into Focus
Caturus said long-term offtake agreements are in place with EQT, Glencore, Mercuria, PETRONAS and Aramco Trading, providing commercial support as construction advances. The company previously authorized EPC contractor Technip Energies to order major long-lead equipment for the facility.
Planned equipment 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 the terminal will be able to load LNG carriers of up to 216,000 cubic meters.
The project is poised for a construction start although a date was not mentioned by the company in its statement.
Investors Expand Support
Caturus said existing backers Mubadala Energy and CPP Investments increased their support for the platform. Mubadala Energy, which already holds a 24.1% stake in the Caturus platform, participated in the project financing, while CPP Investments said it will contribute $1.2 billion, raising its total stake in the platform to 31% including prior investments.
The company also identified EOC Partners, BlackRock-managed funds and accounts, and an Ares Infrastructure Opportunities fund among the project’s financial partners.
Caturus is a natural gas company backed by Kimmeridge that combines upstream production with Commonwealth LNG, a 9.5-million-ton-per-annum export terminal planned near Cameron, La.
The company said that integrated production-export model is designed to supply lower-emission fuel to domestic and international markets.
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