Overview
- The initial funding combines Idemitsu Kosan’s $500 million with $790 million from new and existing investors, surpassing a $1.0 billion cover target.
- MidOcean says additional investors are in documentation and it is targeting up to $2 billion of cumulative new capital from this raise.
- Idemitsu plans to finalize the investment by the end of March subject to regulatory approvals as it moves toward a full-scale entry into LNG, with the stake size undisclosed.
- The capital backs a diversified LNG portfolio spanning LNG Canada, Gorgon, Pluto, QCLNG and Peru LNG, including a recent incremental interest in Gorgon.
- MidOcean cites strong demand, constrained supply and LNG’s role in energy security and the energy transition as key drivers of investor interest.