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.
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