Caturus has reached a final investment decision (FID) on its $13bn Commonwealth liquefied natural gas (LNG) project in Cameron Parish, Louisiana, US.

The company also secured $9.75bn in project financing for the construction of a 9.5 million tonnes per annum export facility.

Mubadala Energy, the Abu Dhabi-headquartered international energy company, holds a 24.1% interest in the Caturus platform, which includes Commonwealth LNG and associated upstream operations.

The company is also participating as an equity investor in this financing round.

Total commitments for the project, including both debt and equity participation, amount to $21.25bn.

Following the FID, Caturus will begin full construction of the LNG facility, targeting the commencement of operations in 2030.

Phase one of the project is expected to generate export revenues exceeding $3bn per year once operations are under way. The project has secured long-term LNG offtake agreements with EQT, Glencore, Mercuria, Petronas and Aramco Trading.

Commonwealth LNG chairman and Kimmeridge managing partner Ben Dell said: “This landmark occasion, in parallel with continued growth of Caturus’ upstream platform, is the culmination of years of strategic planning, strong partnerships and commitment to delivering a fully integrated ‘wellhead-to-water’ project.”

The Canada Pension Plan Investment Board has committed $1.2bn to increase its total stake in the Caturus platform to 31%, including previous investments.

Other key financial backers include EOC Partners, funds and accounts managed by BlackRock, and an Ares Infrastructure Opportunities fund.

Caturus has directed Technip Energies, the project’s engineering, procurement and construction partner, to order major long-lead items for the facility.

Equipment at the site will include six Baker Hughes mixed-refrigerant compressors powered by LM9000 gas turbines, six Honeywell main cryogenic heat exchangers and four Titan 350 gas turbine-generators from Solar Turbines.

The terminal will accommodate LNG carriers up to 216,000m³.

Ahead of the FID, Caturus acquired the Galvan Ranch natural gas assets from SM Energy, elevating its net production to more than one billion cubic feet equivalent per day and establishing the company among the top ten private US natural gas producers.

Caturus CEO David Lawler said: “Global gas demand is unquestionably accelerating and Caturus is positioned to be a differentiated leader across the value chain from upstream production to LNG export.

“In partnership with our best-in-class team, blue chip investors and Kimmeridge, Caturus will continue to exemplify the value of being the nation’s leading independent and integrated natural gas company.”

Earlier this year, Caturus entered into a 20-year sale and purchase agreement for its Commonwealth LNG project with Aramco Trading, a subsidiary of Saudi Arabia’s Aramco.