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
Imperial Appoints New President, CEO Following Brad Corson’s Retirement
2025-02-13 - Imperial’s board of directors has appointed Exxon Mobil’s John Whelan as president effective April 1 and to assume the roles of chairman and CEO on May 8.
Berry Announces Jeff Magids as New CFO
2025-01-21 - Jeff Magids was appointed as Berry Corp.’s new CFO on Jan. 21 in replacement of Mike Helm, effective immediately.
Ovintiv Names Terri King as Independent Board Member
2025-01-28 - Ovintiv Inc. has named former ConocoPhillips Chief Commercial Officer Terri King as a new independent member of its board of directors effective Jan. 31.
NextEra Energy Resources CEO Rebecca Kujawa to Retire
2025-03-18 - NextEra Energy CFO Brian Bolster will become CEO for NextEra Energy Resources, and NextEra Energy Treasurer Mike Dunne will become CFO, the company says.
SM Energy Restructures Leadership Team
2025-02-20 - SM Energy Co. has made several officer appointments and announced the retirement of Jennifer Martin Samuels, the company’s vice president of investor relations and ESG stewardship.
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.