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CRC in Big CCS Deal

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US operator California Resources Corp. (CRC) and Canada-based Brookfield Renewable are teaming up one of the most substantial planned investments in carbon capture and storage (CCS) developments in California so far after numerous project announcements on the US Gulf Coast lately. Under the joint venture (JV) deal, Brookfield will initially invest up to $500 million in projects jointly approved by the partnership, and could invest another $1 billion or more if it decides to fully participate in all CCS projects proposed under the arrangement. Brookfield’s investment will be made through the $15 billion Brookfield Global Transition Fund, “the world’s largest private fund dedicated to facilitating the global transition to a net-zero carbon economy,” which closed in June. The JV, led by CRC’s wholly owned subsidiary Carbon TerraVault, will offer CO2 capture and transportation services and operate storage sites as well. The JV is targeting the injection of 5 million tons/yr of CO2, or 200 million tons in total storage development. Reaching this target would require an estimated $2.5 billion of total capital, CRC said.

Topics:
Emerging Technologies, Carbon Capture (CCS), Corporate Strategy
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