Bobcat Gas Storage

Investment Status: realized

Sector: Gas Storage

Investment Fund: Fund III

Geography: Louisiana

Initial Investment: Sept. 1, 2005

In September 2005, Haddington acquired the development rights to the Bobcat gas storage project, a high deliverability salt dome, greenfield development gas storage project located at Port Barre, Louisiana.  The project site is located on the boundary between the supply and market areas, has excellent pipelines in close proximity, all the necessary property rights, and predictable geological formations. After acquiring the rights to the 83-acre site, Haddington recruited the Bobcat management team whom then secured all permits to construct the facility.  

In March 2007, Haddington secured an equity investment from GE Energy Financial Services and a $185 million syndicated construction loan.  Using this and Haddington's capital, Bobcat constructed 19 BCFW of natural gas storage, 22,500 hp of compression, 21 miles of total pipeline with five interstate pipeline connections, as well as began drilling a well to expand the facility by another 10 BCFW.

In March 2010, Haddington sold the company to Spectra Energy Corp (NYSE: SE) for $540 million.  

 

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Bobcsat Gas Storage in Port Barre, Louisiana.