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$4 billion for Louisiana low-carbon ammonia

April 10, 2025

CF Industries, JERA, and Mitsui Team Up on $4B Low-Carbon Ammonia Project in Louisiana

  • CF Industries is forming a JV with JERA Co. (35%) and Mitsui & Co. (25%) to build a $4B low-carbon ammonia plant in Louisiana—the largest of its kind to date.

  • The plant will produce 1.4 million tonnes per year of low-carbon ammonia and capture over 95% of CO₂ emissions during production.

  • 1PointFive will handle the transport and sequestration of ~2.3 million tonnes of CO₂ annually, qualifying the facility for tax credits.

  • CF (40% ownership) will lead O&M and invest $550M to build out infrastructure to support the plant.

  • Ammonia offtake will be split among partners based on equity shares.

  • Construction starts in 2026, with first production expected in 2029.

  • Technip Energies and Topsoe will handle engineering and procurement.

J.P. Morgan’s Campbell Global Closes $1.5B Forest & Climate Fund, Tops Target by 50%

  • Campbell Global, a timberland investment manager under J.P. Morgan Asset Management, has closed its Forest & Climate Solutions Fund II at $1.5 billion, exceeding its $1B target by 50%.

  • Including separate account mandates, the team raised a total of $2.3B.

  • The fund targets OECD markets with a strategy combining timber production and carbon sequestration.

  • So far, it holds 212,000 acres of sustainable timberland across the U.S. Pacific Northwest and U.S. South, managed to SFI certification standards.

  • The launch follows J.P. Morgan’s 2021 acquisition of Campbell Global, which now manages over 5 million acres globally.

Energy Transfer Brings in MidOcean for $9B Lake Charles LNG Project

  • MidOcean Energy to fund 30% of Lake Charles LNG and receive 5 MTPA of offtake.

  • MidOcean can supply its own gas and will commit to long-term transport via Energy Transfer pipelines.

  • Facility to be built on a site with 4 storage tanks and 2 deepwater berths, linked to Trunkline pipeline.

  • Final deal depends on FID and regulatory approval.

  • Project bolsters Energy Transfer’s position as a top U.S. midstream operator and helps MidOcean expand its global LNG play.

  • MidOcean is backed by EIG, managing $23.4B in energy infrastructure.

Mubadala Enters U.S. Gas & LNG Market with Kimmeridge Investment

  • Mubadala Energy is acquiring a 24.1% stake in Kimmeridge’s SoTex HoldCo, its first U.S. gas and LNG play.

  • SoTex’s Eagle Ford gas production currently exceeds 500 MMcfe/d, aiming for 1.5 Bcfe/d by 2031.

  • The deal includes exposure to Commonwealth LNG, which targets first production in 2029.

  • Strategic move aligns with UAE’s 2050 net-zero goal and global energy transition ambitions.

Base Power Banks $200M to Reinforce the Grid and Scale Nationwide

  • Base Power closed a $200M Series B led by Addition, a16z, Lightspeed, and Valor Equity to scale its battery-powered home energy services.

  • Funds will go toward a new Texas factory, expanding Base Power’s reach beyond its home state.

  • With partnerships like Lennar Homes and Bandera Electric, the company aims to strengthen energy reliability and affordability.

  • Led by Zach Dell, the company’s team includes talent from SpaceX, Tesla, and Apple.

Sandbrook and PSP Sell Offshore Wind Pioneer Havfram to DEME in €900M Deal

  • Havfram, a key player in offshore wind vessel development, is being acquired by DEME in a €900M transaction.

  • Founded in 2021 by Sandbrook Capital and PSP Investments, Havfram boasts a strong contract backlog and state-of-the-art vessels.

  • The deal is expected to close by April 2025, advancing DEME’s offshore wind expansion goals.

Apex Sells 49% Stake in 251 MW Portfolio to EGCO Group

  • Apex Clean Energy is offloading a 49% interest in its 251 MW Pinnacle II portfolio—featuring Downeast Wind (Maine) and Wheatsborough Solar (Ohio)—to Thailand’s EGCO Group.

  • Apex retains majority control and will continue managing operations of both assets, which are expected online in 2025.

  • The deal, expected to close in Q2 2025, is Apex’s second major capital recycling move, helping fund new wind, solar, and storage developments.

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.