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Caturus said in a statement on Wednesday that the financing package includes term loans as well as additional capital to support reserves and working capital requirements.
The lending group of 20 banks includes Abu Dhabi Commercial Bank, Banco Bilbao Vizcaya Argentaria, Bank of America, Bank of China, Barclays Bank, Canadian Imperial Bank of Commerce, Intesa Sanpaolo, MUFG Bank, Standard Chartered Bank, Wells Fargo Bank, and others.
Last month, US investment firm Kimmeridge and its partners, UAE’s Mubadala Energy and Canada Pension Plan Investment Board, made a positive final investment decision (FID) on the $13 billion 9.5 mtpa Commonwealth LNG export project.
Caturus said at the time that the decision included the closing of $9.75 billion in project financing for the construction of the LNG plant.
The transaction garnered “strong” interest from both equity and debt investors, resulting in total commitments of $21.25 billion, according to the firm.
Mubadala Energy, which already holds a 24.1 percent stake in Kimmeridge’s Caturus platform comprised of Commonwealth LNG and Caturus’ upstream operations, is also an equity participant in the project’s financing.
Canada Pension Plan Investment Board (CPP Investments) will contribute $1.2 billion in financing to increase its total stake in the Caturus platform to 31 percent, including previous investments, the statement said.
Phase 1 development is expected to generate more than $3 billion in annual export revenue when operations commence in 2030, the partners said.