NEW ORLEANS — Caturus LLC has secured $9.75 billion in financing and made a final investment decision (FID) to advance its Commonwealth LNG export terminal in Cameron Parish, marking a major step forward for one of Louisiana’s largest energy infrastructure projects. It also pushes Louisiana past $100 billion in announced capital investment projects since Governor Jeff Landry took office in January 2024.
The FID triggers full construction of the 9.5 million metric ton per annum liquefied natural gas (LNG) export facility, with operations expected to begin in 2030. The project the company claims as being among the most cost-competitive LNG developments in the United States.
Caturus Chief Executive Officer David Lawler said the company is positioning itself as a leader across the natural gas value chain. “Global gas demand is unquestionably accelerating and Caturus is positioned to be a differentiated leader across the value chain,” Lawler said.
The financing package drew strong interest from global investors, resulting in total commitments of $21.25 billion across equity and debt. The development is expected to generate more than $3 billion in annual export revenue once operational.
“This landmark occasion, in parallel with continued growth of Caturus’ upstream platform, is the culmination of years of strategic planning, strong partnerships and commitment to delivering a fully integrated ‘wellhead-to-water’ project,” said Ben Dell, managing partner of Kimmeridge and chairman of Commonwealth LNG.
Supporters of LNG development, including Gov. Landry and various industry stakeholders, have framed the projects as critical to economic growth, job creation and global energy security. But the project is drawing criticism from environmental and consumer advocates.
Criticism of LNG Expansion
The Caturus project as drawn criticism from environmental and consumer advocacy groups including For a Better Bayou, a Louisiana-based advocacy organization.
“Today, Secretary of Energy Chris Wright and Louisiana Governor Jeff Landry are touring LNG export terminals in Cameron Parish to tout what the Trump administration calls ‘energy dominance.’ They should call it what it is: an America Last energy policy,” said James Hiatt, director of For a Better Bayou. “When we export gas to the highest foreign bidder, American families, farmers and manufacturers lose.”
Citing federal data, the group said U.S. Department of Energy analyses have found unconstrained LNG exports could raise wholesale domestic natural gas prices by more than 30%, while the U.S. Energy Information Administration (EIA) has attributed higher gas prices in 2025 and 2026 in part to export growth outpacing production.
Electricity prices have increased 13% nationally since 2022, according to the EIA, with advocates linking those increases to LNG export expansion. They also point to global market dynamics, stating that 68% of U.S. LNG exports were shipped to Europe from Jan. to Nov. 2025.
“Effectively, US LNG supply growth will come at a cost to US consumers and benefit those in Europe,” analysts at Wood Mackenzie said.
Additional concerns include environmental impacts in coastal Louisiana where LNG facilities are concentrated.
“Secretary Wright’s tour today is a victory lap for private equity and foreign energy buyers,” Hiatt said. “For the people of southwest Louisiana, it is another day of watching their coastline, their livelihoods, and their energy bills be sacrificed for someone else’s bottom line.”
The Caturus Deal’s Investment Structure
Long-term offtake agreements have been secured with global energy and industrial counterparties, including EQT, Glencore, Mercuria, PETRONAS and Aramco Trading Americas, supporting the project’s commercial viability.
Mubadala Energy, which holds a 24.1% stake in the Caturus platform, is participating in the financing, while Canada Pension Plan Investment Board is contributing $1.2 billion to increase its ownership stake to 31%. Additional financial partners include EOC Partners, funds and accounts managed by BlackRock and an Ares Infrastructure Opportunities fund.
“This FID announcement is a major milestone for Commonwealth LNG and is a critical step in realizing its strategy for a fully integrated ‘wellhead-to-water’ operation,” said Mansoor Mohamed Al Hamed, managing director and CEO of Mubadala Energy.
Project Advances As Permit Fight Continues
The project is also advancing despite a legal challenge. While the project’s state coastal permit was vacated by the 38th Judicial District Court in Oct. 2025 for failing to adequately assess climate change and environmental justice impacts, Louisiana regulators later reissued the permit, revising their environmental analysis.
Environmental groups, including the Sierra Club, Louisiana Bucket Brigade and Turtle Island Restoration Network, have since filed a new challenge to the reissued permit, leaving the state approval subject to ongoing litigation. Federal approvals from the Federal Energy Regulatory Commission remain in place.
Caturus Growth Strategy
In the weeks leading up to the FID, Caturus expanded its upstream footprint with the acquisition of Galvan Ranch assets from SM Energy. The company now produces more than 1 billion cubic feet equivalent per day and ranks among the top 10 private U.S. natural gas producers.
The facility will be built using a modular design through its engineering, procurement and construction partner Technip Energies and will incorporate Baker Hughes compressors powered by LM9000 gas turbines, Honeywell cryogenic heat exchangers and Solar Turbines gas turbine-generators. The terminal will be capable of loading LNG carriers of up to 216,000 cubic meters.
