Commonwealth LNG made its final investment decision for a 9.5 million tonnes-per-annum LNG export facility in Cameron Parish, Louisiana and closed its $9.75 billion project financing.
Concurrently with the project financing’s closing, Caturus, Commonwealth’s parent company, closed on additional equity investments from the Canada Pension Plan Investment Board, Mubadala Energy and Ares Infrastructure Opportunities Fund, and a senior debt issuance to EOC Partners and funds and accounts managed by Blackrock. The project financing, together with the proceeds of the equity and debt raised by Caturus, will finance an estimated $13 billion in project costs.
The export facility will include large-scale natural gas treatment, natural gas processing and liquefaction, and gas liquid extraction facilities, including six modular LNG trains, associated LNG storage tanks, gas pipelines, gas receipt and metering facilities, marine berths and jetty. The Commonwealth LNG facility is a central component of Caturus’ integrated natural gas strategy to meet an expanding global energy market seeking reliable power on demand with a lower-carbon footprint.
The S&C team advising Commonwealth included Inosi Nyatta, Nicholas Baker, Estefania Souza, Carrington Kyle, Ishaan Kapur and Sam Fineberg. Craig Jones and Siddhant Iyer advised on matters of UK law. Saul Brander and Jeremy Zeitschel advised on tax matters. Colin Lloyd advised on hedging matters. Elizabeth Levin and Sabrina Macklai advised on intellectual property matters.