Mubadala Energy has announced that Caturus LLC has taken a positive Final Investment Decision (FID) on its Commonwealth LNG project in Louisiana.
The company has also successfully secured $9.75 billion in project financing for the construction of the 9.5 million tonnes per annum liquefied natural gas export facility in Cameron Parish.
The milestone marks the official commencement of full-scale construction for one of the most cost-competitive and operationally efficient LNG export projects currently under development in the United States.
The financing transaction attracted strong support from global equity and debt investors, securing total commitments worth $21.25 billion.
Ben Dell, Managing Partner of Kimmeridge and Chairman of Commonwealth LNG, stated that, “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.”
The project has already secured long-term LNG offtake agreements with a diversified portfolio of leading international energy and industrial companies, including EQT, Glencore, Mercuria, PETRONAS, and Aramco Trading.
Phase 1 of the development is expected to generate more than $3 billion in annual export revenues once operations begin in 2030.
Mubadala Energy, which currently holds a 24.1 percent stake in the Caturus platform comprising Commonwealth LNG and upstream gas operations, is also participating as an equity investor in the project financing.
Mansoor Mohamed Al Hamed MD and CEO Mubadala Energy
“This FID announcement is a major milestone for Commonwealth LNG and is a critical step in realizing its strategy for a fully integrated ‘wellhead-to-water’ operation. For Mubadala Energy, we have been delighted to play an active role in helping achieve this vision while building further momentum for our international growth strategy. The investment adds to our existing global gas-weighted portfolio and expands our exposure across the full gas value chain — an important driver of our longstanding growth plans.”
The Canada Pension Plan Investment Board will contribute $1.2 billion in additional financing, increasing its overall stake in the Caturus platform to 31 percent, including prior investments.
Bill Rogers, Managing Director and Head of Sustainable Energies at CPP Investments, highlighted that, “Caturus stands out for its integrated approach across natural gas production and LNG export, and the platform is well placed to support energy reliability and resilience in its core markets over time.”
The financing consortium also includes major institutional investors such as BlackRock, Ares Management, and EOC Partners.
In preparation for the project, Commonwealth LNG previously authorized Technip Energies, the engineering, procurement, and construction partner for the facility, to begin ordering critical long-lead equipment. The project will utilize a modular construction approach aimed at enhancing efficiency and safety across the site.
The LNG facility will feature six Baker Hughes mixed-refrigerant compressors powered by LM9000 gas turbines, six Honeywell main cryogenic heat exchangers, and four Titan 350 gas turbine-generators supplied by Solar Turbines.
The export terminal will also be capable of accommodating LNG carriers with capacities of up to 216,000 cubic meters.
The Commonwealth LNG project forms a core part of Caturus’ broader strategy to create a fully integrated natural gas platform capable of supplying lower-carbon energy solutions to international markets seeking reliable and scalable power generation.
In the weeks preceding the FID announcement, Caturus expanded its upstream footprint through the acquisition of Galvan Ranch natural gas assets from SM Energy.
