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The financing ensures Trinity’s plan to construct and operate a natural gas storage facility in central Texas.
Trinity Gas Storage (Trinity) secured $189 million in equity funding from Transition Equity Partners (TEP) and debt financing from Investec for construction and operation of a natural gas storage facility in Texas. The equity portfolio is comprised of Pan Capital Management, Abrdn, SailingStone Capital Partners, and Rice Investment.
“We are thrilled to commence construction on this much-needed storage facility,” said Jim Goetz, CEO of Trinity. “Our team has worked tirelessly to get to this point, and we recognize the immense importance of this project which will enable Texas to better manage energy supply fluctuations, ensuring a stable source of power even during periods of peak demand and extreme weather events.”
The storage facility will be capable of housing approximately 24 billion cubic feet (Bcf) of natural gas during the beginning phases of the project. Trinity’s facility is scheduled for immediate construction and operation is estimated to commence midway through 2024.
Texas’ supply and demand for natural gas will be managed at the Trinity storage facility, providing dispatchable energy for periods of peak electrical consumption. The facility is centrally located and connected to pipeline infrastructure—a set-up that enables reliable operation for the entirety of Texas.
“This storage project represents a critical transitional component for the diverse energy portfolio needed in ERCOT,” said Pat Eilers, Founder and Managing Partner of TEP. “As an investor focused on midstream energy infrastructure, we strongly believe in the role storage facilities play in enhancing reliable natural gas supply to the Texas market. We are excited to partner with the Trinity team, which has a strong track record of developing successful storage projects.”