A partly owned Energy Capital Partners (ECP) offshoot named Cadeville Gas Storage closed debt financing for a 17-million dekatherm natural gas facility under development in Louisiana, according to a press statement.
Cadeville is wholly owned by Cardinal Gas Storage Partners, established in 2008 to build, own and operate natural gas storage infrastructure in North America. Houston-based Cardinal, in turn, is jointly held by ECP and Redbird Gas Storage.
The Cadeville construction and long-term loan agreement totalled $115 million, according to Cardinal, which noted its Ouachita Parish, Louisiana-based project is specialised in “depleted reservoir natural gas storage,” the most common type of underground storage.
Caterpillar Financial Services Corporation, CIT Capital, Deutsche Bank Trust Company America, RBC Capital Markets and SunTrust Robinson Humphrey participated in the funding, Cardinal said.
Lately, midstream energy has been a lively portfolio for ECP.
In April, ECP portfolio company Power Line Services (PLS) acquired Washington pipeline contractor Snelson Companies and pipeline engineering firm IPS from GFI Energy Group, a Los Angeles-based branch of private equity firm Oaktree Capital Management.
New Jersey-based ECP has $7 billion under management.