Developers of the Commonwealth LNG project have taken the final investment decision to build the $13-billion U.S. export plant in Louisiana, underpinned by investments from Kimmeridge, Abu Dhabi-based Mubadala Energy, and Canada Pension Plan Investment Board, the UAE energy investor said on Friday.

The Commonwealth LNG facility in Cameron Parish, Louisiana, will have an annual capacity of 9.5 million tons of liquefied gas and is expected to become operational in 2030.

Phase 1 development of the export facility on the west bank of the Calcasieu Ship Channel is expected to generate more than $3 billion in annual export revenue when operations commence in 2030, according to the proponents of the project.

The FID includes the successful closing of $9.75 billion in project financing for the construction of the export project, marks the start of full construction, and advances one of the most cost-competitive and efficient LNG projects in the United States, Mubadala Energy said.

The transaction attracted strong interest from both equity and debt investors, resulting in total commitments of $21.25 billion.

Kimmeridge, Mubadala Energy, and CPP Investments provide new financing for Commonwealth LNG and continue as equity investors in Caturus. Mubadala Energy, which already holds a 24.1% stake in the Caturus platform, comprised of Commonwealth LNG and Caturus’ upstream operations, is also an equity participant in the project’s financing.

Source: Oilprice