The investment in the GTS project is expected to close in late 2024, and in California by mid-2025. (Source: Shutterstock)
Natural Gas storage company Caliche Development Partners announced Aug. 20 new financial backing from Sixth Street, an investment firm with $75 billion in assets.
The bulk of Sixth Street’s investment is focused on Caliche’s Golden Triangle Storage (GTS) project in Beaumont, Texas, and its Central Valley Gas Storage in Princeton, California. The total investment amount was not included in the announcement.
With the new financial support, Houston-based Caliche plans to create two natural gas storage caverns at the GTS site. The company recently received federal permits for the project.
“We continue to meet the growing demand for the storage of natural gas and industrial gases, including helium and hydrogen, and provide the infrastructure for lower environmental impact forms of energy through our commitment to safety, deliverability and asset integrity,” Caliche CEO Dave Marchese said in the statement.
The investment in the GTS project is expected to close in late 2024, and in California by mid-2025.
Barclays served as Caliche’s financial adviser, and Willkie Farr & Gallaher provided legal counsel. Wells Fargo served as financial adviser and Vinson & Elkins provided legal services to Sixth Street.
Recommended Reading
Costs for Dominion’s 2.6-GW Offshore Wind Project Swell to $10.7B
2025-02-03 - With 176 turbines, Dominion Energy’s Coastal Virginia Offshore Wind has seen costs rise by about $900 million, or 9%, the company said.
Biofuels Sector Unsatisfied with Clean Fuels Credit Guidance
2025-01-10 - The Treasury Department released guidance clarifying eligibility for the 45Z credit and which fuels are eligible, but holes remain.
Energy Transition in Motion (Week of Dec. 6, 2024)
2024-12-06 - Here is a look at some of this week’s renewable energy news, including a record-setting quarter for solar module capacity in the U.S.
E&Ps’ Subsurface Wizardry Transforming Geothermal, Lithium, Hydrogen
2025-02-12 - Exploration, drilling and other synergies have brought together the worlds of subsurface oil drilling and renewable energies.
Tallgrass Secures Rights of Way for Green Plains’ Trailblazer CCS Project
2025-01-16 - Green Plains’ Trailblazer project will transport captured biogenic CO2 from a number of Nebraska ethanol facilities to sequestration wells in Wyoming.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.