Caliche to Expand Gas Storage and Carbon Sequestration with Sixth Street Backing
(P&GJ) — Caliche Development Partners is set to expand its natural gas storage and carbon sequestration operations following a majority investment from Sixth Street, a leading global investment firm.
The funding will support the growth of Caliche’s Golden Triangle Storage (GTS) facilities in Beaumont, TX, and its Central Valley Gas Storage facilities in Princeton, CA.
The investment will facilitate the development of two new natural gas caverns at the GTS complex and advance Caliche's carbon sequestration projects. Despite the new backing, Caliche’s current leadership will continue to manage daily operations, and all employees at the company's Texas and California facilities will be retained.
"We continue to meet the growing demand for the storage of natural gas and industrial gasses, including helium and hydrogen, and provide the infrastructure for lower environmental impact forms of energy through our commitment to safety, deliverability, asset integrity," Dave Marchese, CEO of Caliche, said.
The investment will be rolled out in stages, with the Texas portion expected to close in late 2024 and the California portion in mid-2025, subject to regulatory approvals. Barclays and Wells Fargo served as financial advisors, and Willkie Farr & Gallagher LLP and Vinson & Elkins LLP provided legal counsel.
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