Caliche Development Partners II, a Houston-based company focused on the acquisition, development, construction, ownership and operation of subsurface natural gas and industrial gas storage assets, has partnered with Orion Infrastructure Capital (OIC) and GCM Grosvenor targeting underground storage and sequestration assets in North America.
The partnership's initial acquisition of Golden Triangle Storage (GTS), along with the planned acquisition of California’s Central Valley Gas Storage (CVGS) from Southern Company affiliates, targets two regions with increasing demand for storage to support variable power loads, natural gas liquefaction and high-penetrations of renewable resources. OIC, GCM Grosvenor and Caliche management will collectively provide $186 million of capital for the acquisitions. The GTS transaction closed on Nov. 18, and the CVGS purchase is expected to close in 2023.
OIC and GCM Grosvenor bring extensive experience in infrastructure investing to Cali