The Basin Ranch natural gas project in Texas, a 1.35 GW capacity facility, was selected by the Texas Energy Fund (TEF) for due diligence. This selection is for a potential $1 billion subsidized loan, which would carry a 20-year term and a 3% fixed interest rate.
CPV, which holds a 70% interest in the project, is currently in advanced loan negotiations with TEF and has obtained the necessary permits to commence construction. The total construction costs for the project are estimated to be between $1.8 billion and $2.0 billion.
A decision to invest in the project and begin construction is anticipated in the second half of 2025, contingent upon the finalization of the loan agreement with TEF and the successful raising of additional required capital.
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