Once closed, the transaction will enable the continued development and construction of CGS’s Epe Underground Natural Gas Storage project, located in Germany.
CGS aims to convert nine salt caverns into an underground natural gas storage facility in four phases to provide its customers with effective third-party access to flexible storage services.
The salt caverns are located in Northwest Europe in Germany, and the company plans to develop the project in multiple phases and all nine caverns are expected to be on-line by 2019.
Haddington managing director Chris Jones said that the company and its principals have developed, or are developing, in excess of 131bcf of high-deliverability gas storage projects at five different locations throughout the US since 1989.
Haddington said the proposed transaction is expected to close by mid-year 2011.
