New Investment Agreement for CCS on Natural Gas Power Announced in the US
3rd April 2020
Starwood Energy Group Global, Inc. ("Starwood") announced today that it has finalized agreements with OGCI Climate Investments ("OGCI CI") to invest in the development of a large-scale carbon capture facility to be integrated with a natural gas power plant, according to a press release. Starwood and OGCI CI said they will co-invest in the initial development of the project. The parties said that the facility intends to use commercially available CO2 capture technology and is expected to capture 90% of the CO2 emissions from an existing power facility. The captured CO2 would then be stored permanently via enhanced recovery in an existing oil field. The project was first presented at an OGCI CI Investor day in the fall of 2019. The project will be jointly developed by Starwood and Elysian Ventures, LLC according to the statement.