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Saudi Arabia Awards 300 MW Solar Project to TotalEnergies & Aljomaih
EQT Launches Transition Infrastructure Strategy, Acquires ju:niz Energy
Woodside Advances Louisiana LNG with Revised Bechtel Contract
Tailwater-backed Producers Midstream II Secures $400M Credit for Growth
The almost headlines
Chart of the week
In case you missed
Round Leads: Future Positive, Lowercarbon Capital.
New Backers: Japan Airlines, Siemens, H&M Group.
Scaling Goals: 1M tons/year CO₂ removal capacity, 1,000 jobs in Louisiana.
Client Roster: Stripe, Microsoft, Meta, JPMorgan.
Tech Edge: Limestone-based DAC, CO₂ captured in days vs. years.
Scale: Captures 9M metric tons/year by 2027.
Equity Split: Aramco 60%, Linde/SLB 20% each.
Decarbonization Role: Supports Saudi net-zero ambitions and blue hydrogen programs.
Pipeline Infrastructure: CO₂ from gas plants stored in saline aquifers.
Project Goal: Captures 700,000 tonnes CO₂/year at Heidelberg’s cement plant.
Tech Highlight: Advanced Oxyfuel carbon capture system.
Timeline: Construction starts 2026; operational by 2029.
Storage Plan: Offshore CO₂ storage in the North Sea.
Strategic Impact: Integral to Heidelberg’s decarbonization initiatives.
Investor: CNX Resources Corporation.
Acquisition Target: Natural gas upstream and midstream assets of Apex Energy II, a Carnelian Energy Capital portfolio company.
Transaction Value: $505M, funded via CNX’s $1.8B credit facility.
Expected Output: 180–190 MMcfe/d average daily production in 2025.
Cost Efficiency: $0.16/Mcfe operating costs projected.
Strategic Fit: Expands CNX’s Marcellus and Utica leasehold and adds 36,000 net acres in PA.
Closing Timeline: Q1 2025, subject to customary conditions.
Advisors: BofA Securities (CNX), Piper Sandler (Apex), Kirkland & Ellis (legal).
Acquisition Target: Eagle Ford assets from Carnelian-backed Ridgemar Energy.
Deal Value: $905M, including contingent oil price considerations.
Strategic Complement: Builds on Crescent’s existing Central Eagle Ford position.
Financial Metrics: Valued at 2.7x EBITDA; keeps net debt/EBITDAX ≤ 1.5x.
Transaction Structure: $100M equity to Ridgemar; remainder in cash.
Track Record: Crescent has invested $4B+ in Eagle Ford over 18 months.
Closing Timeline: Q1 2025, effective October 1, 2024.
Advisors: Jefferies, Kirkland & Ellis (Crescent); RBC, Vinson & Elkins (Ridgemar).
Deal Value: Pronto Midstream, LLC contribution valued at $600M.
Transaction Terms: $220M in cash, $75M potential incentives over five years.
Ownership: Matador retains 51% of San Mateo Midstream; Five Point Energy holds 49%.
Strategic Focus: Enhances gas gathering/processing in northern Lea County, NM.
Infrastructure Boost: Expands Marlan plant capacity to 260Mcf/d by mid-2025.
Financial Impact: Cash used to reduce debt, targeting 1.1x leverage by year-end 2024.
Use of Funds: Scale projects like E-CHO and eM-Rhône in France/Spain.
Decarbonization Impact: Projects aim to save 700,000 tons of CO₂ annually.
Strategic Alignment: Supports European Green Deal and ReFuelEU Aviation goals.
Company Focus: Low-carbon fuels for aviation and maritime sectors.
Focus: Low-cost electrification via grid-integrated adapters.
Key Product: IslandDER™ for solar, batteries, EVs.
Market Gap: Serves 60M U.S. homes without solar/EV readiness.
Cost Savings: Simplifies installations, cuts upgrade expenses.
Offering: 6M units at $10 each; full over-allotment exercised.
Ticker: NOEMU on Nasdaq; components trade separately soon.
Focus: Blank check company targeting carbon capture/utilization.
Portfolio: 1.7 GW solar, 300 MW battery storage.
Joint Ownership: TotalEnergies retains 50% stake, operates assets.
Investment Impact: Adds to Apollo's $40B in energy transition spend over 5 years.
Long-Term Goals: Targeting $50B+ clean energy investments by 2027.
Completion: Expected Q4 2024.
Acquisition: TotalEnergies purchased VSB Group, a German renewable energy project developer, for €1.57B.
VSB Profile: Nearly 30 years of experience, over 2 GW of onshore wind developed, and 475 MW of capacity in operation or construction.
Strategic Fit: Enhances TotalEnergies’ Integrated Power business in Germany.
Complementary Moves: Recent acquisitions include battery storage developer Kyon Energy and energy manager Quadra Energy.
Renewables Growth: TotalEnergies aims for 35 GW capacity by 2025 and 100 TWh net production by 2030.
Milestone: Partnership surpasses 1 GW of clean energy procurement.
New Projects: Four solar farms across OH, TX, NM, AR.
Meta’s Goals: Supports 100% ren
ewable energy operations.
Local Benefits: Creates jobs, enhances grid reliability.
Invenergy Reach: Over 32 GW of renewable projects globally.
Power Agreement: 25-year PPA with Saudi Power Procurement Company.
Capacity Goals: Project grid-ready by 2026, supports 2030 renewables target.
Developer Track Record: TotalEnergies targets 35 GW renewables by 2025
Anchor Commitment: €400M from BNP Paribas Group.
Focus Areas: Clean energy, mobility, batteries, hydrogen, and CCUS.
Initial Investments: Stakes in Italy’s Absolute Energy and Arkolia.
ESG Credentials: Article 8 fund under EU SFDR.
Management: BNP Paribas Private Assets, €40B AUM.
Acquisition Target: ju:niz Energy, a Germany-based utility-scale battery storage developer.
Strategy Goals: Supports energy transition with investments in clean energy, circular economy.
Global Focus: Targets projects in North America, Europe, and APAC.
Leadership: Chaired by Francesco Starace, former Enel CEO.
Investment History: €17B in transition deals; ju:niz is the first under this new strategy.
Project Partner: Bechtel to handle EPC for Louisiana LNG.
Capacity: 27.6M tonnes/year; three trains included.
Expenditure: $1.3B forecast through Q1 2025.
Timeline: Final investment decision readiness targeted by early 2025.
Strategic Fit: Strengthens Woodside’s presence in U.S. LNG export markets.
Facility Use: Funds projects in the Mid-Continent, Permian, and Delaware Basins.
Infrastructure Boost: Supports gas gathering and processing systems in NM.
Leadership Outlook: CEO touts the deal as critical for expansion in key areas.
Backers: Texas Capital Bank, Wells Fargo lead the funding round.
Company Scope: Custom midstream systems for reliability, founded in 2016.
Project Scope: Geothermal power from oil/gas infrastructure in ND.
Backing: Funded by North Dakota Industrial Commission's Clean Energy Authority.
Technology: Converts heat from produced fluids to electricity.
CEO Vision: Focused on scalable, oil-field-adapted geothermal tech.
Altus Power Expands with 12.8 MW Solar Projects in Maine
Altus Power adds three solar sites to benefit 3,300+ households.
Pacolet Milliken Buys Anderson Wind Farm
The 14.95 MW New Mexico wind farm generates power for 5,000 homes
Producers Midstream Secures $400M Credit for Growth
Funds to fuel infrastructure growth across the Mid-Continent, Permian, and Delaware Basins.
Carnelian-backed Parallax Energy Acquires Vesta Energy
Parallax gains 17,000 boe/d production and 230,000 net acres in Alberta’s Duvernay, fueling long-term growth.
Check out the latest Sunya Stories podcast with JP Morgan’s Rama Variankaval.
Rama Variankaval is Global Head of Corporate Advisory & Sustainable Solutions at J.P. Morgan. This group combines the capabilities of Corporate Finance Advisory, Center for Carbon Transition, Sustainable Solutions, and Infrastructure Finance Advisory.
We talk energy transition, carbon reduction, and the impact of AI on energy.
This episode is audio-only and you can find it on Spotify or Apple Podcasts as well.
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
