San Diego City (Calif.) Employees’ Retirement System (SDCERS) has invested $5 million into a co-investment vehicle in Project Pal.
Project Pal is a greenfield liquefied natural gas export facility on the U.S. Gulf Coast, 70 percent owned by Sempra Infrastructure and 30 percent owned by Conoco Phillips.
Upon completion, Project Pal’s infrastructure will include roughly 5.35 million tons per annum liquefaction trains, two 160,000 m3 storage tanks, a marine berth and support facilities.
Project Pal will access domestic shale gas resources at the Permian and Haynesville basins. Feed gas will be procured through a long-term supply agreement with Conoco Phillips and reflects a fixed fee for management services.
As of Sept. 30, 2023, 70 percent ($181.1 million) of SDCERS’ infrastructure investments were opportunistic, 25 percent ($63.7 million) were value-add and 5 percent ($12.1 million) were core/core-plus.