Sunya Get smarter about energy transition
  • Home
  • Industry News
  • Newsletter
  • Podcast
  • Contact Us
Sunya
Industry News
August 20, 2024

Caliche to Continue Expansion Backed by Sixth Street

Newsfeed
Caliche to Continue Expansion Backed by Sixth Street:

HOUSTON and NEW YORK, Aug. 20, 2024 /PRNewswire/ — Caliche Development Partners (“Caliche”), a company focused on the acquisition, development, and operation of natural gas and industrial gas storage assets as well as carbon sequestration, today announced that it is now backed by Sixth Street, a leading global investment firm. Sixth Street’s majority investment includes the company’s Golden Triangle Storage (“GTS”) facilities and carbon sequestration development project in Beaumont, TX, and its Central Valley Gas Storage facilities in Princeton, CA.

Sixth Street’s investment provides Caliche with additional resources to pursue new opportunities and to expand the GTS complex—including two natural gas caverns for which the company recently received a blanket certificate pursuant to section 7(c) of the Natural Gas Act. 

Following the close of the transaction, Caliche’s leadership will continue to oversee day-to-day operations and will remain investors in the company. All employees in Caliche’s TX and CA offices and on-site at its facilities will also be retained.

“We continue to meet the growing demand for the storage of natural gas and industrial gasses, including helium and hydrogen, and provide the infrastructure for lower environmental impact forms of energy through our commitment to safety, deliverability, asset integrity,” said Dave Marchese, CEO of Caliche.  “We want to thank our long-standing partners Orion Infrastructure Capital and GCM Grosvenor for supporting our significant growth over the course of their investments, and we’re excited to keep executing our strategy as a growing platform powered by Sixth Street.”

Sixth Street’s Infrastructure team utilizes the firm’s long-term, flexible capital to deliver scaled solutions for companies across the power, midstream, renewables, transportation, and digital sectors. “Caliche supports key trends driving the future of global energy, including the export of domestically produced LNG to international markets and ensuring stable electricity delivery to consumers as renewable generation resources come onto the grid,” said Richard Sberlati, Partner at Sixth Street. “The company’s success comes from a combined 65 years of collective storage experience, and we look forward to partnering with the company’s management as they further grow the business.”

Sixth Street’s investment will be completed in stages: the Texas business is expected to close in late 2024 and California in mid-2025, subject to all necessary state regulatory approvals. 

Barclays served as exclusive financial advisor and Willkie Farr & Gallagher LLP served as legal counsel to Caliche.  Wells Fargo served as exclusive financial advisor and Vinson & Elkins LLP served as legal counsel to Sixth Street.

About Caliche
Caliche is an acquisition and development company focused on the underground storage of natural gas, industrial gases like hydrogen and helium, and carbon sequestration. Based in Houston, TX, Caliche’s projects are located in Jefferson County on the US Gulf Coast (Golden Triangle Storage, GTS and Caliche CO2 Sequestration) and in Colusa County, CA (Central Valley Gas Storage, CVGS). The Caliche management team previously developed and sold its underground storage business (Coastal Caverns) on the historic Spindletop salt dome in Beaumont. https://calichestorage.com 

About Sixth Street
Sixth Street is a leading global investment firm with over $75 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Founded in 2009, Sixth Street has 600 team members including over 200 investment professionals operating around the world. For more information, follow Sixth Street on social media and visit www.sixthstreet.com.

SOURCE Caliche Development Partners, LLC

TAGS: #industrynews
PREVIOUS ARTICLES
Home > Industry News
August 20, 2024

Arevon and Meta Announce Long-Term Contract for Heirloom Solar Project in Indiana

NEXT ARTICLES
Home > Industry News
August 20, 2024

Infinium and Borealis to turn carbon emissions into plastics

Comments are closed.
Related Post
May 28, 2024
Energy Transfer to Acquire WTG Midstream in
May 29, 2025
Northwind Midstream Partners Announces Permitting of Third
January 13, 2025
Montana Renewables Announces Closing of $1.44 Billion
January 22, 2025
Motive Energy Acquires Deep Cycle Battery San

Recent Posts

  • TPG Rise Climate Acquires Aurora Energy Research from CGE Partners
  • rPlus Energies Secures Over $500 Million in Tax Equity Financing with RBC Community Investments for 800 MW Green River Energy Center
  • HONEYWELL, JOHNSON MATTHEY, GIDARA ENERGY AND SAMSUNG E&A FORM SAF TECHNOLOGY ALLIANCE
  • TAE Technologies Raises $150 Million in Latest Funding Round
  • Ormat Technologies Announces Strategic Leadership Changes

Archives

  • June 2025
  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023

Categories

  • Industry News
  • Newsletter
  • Podcast
Scroll To Top
© Copyright 2024 Sunya Technologies Inc.