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$5.7B Deal: Stonepeak Acquires 40% of Woodside’s Louisiana LNG Project
04/10/2025
Investment firm Stonepeak has entered into a definitive agreement to acquire a 40% interest in Louisiana LNG Infrastructure LLC, a liquefied natural gas (LNG) export terminal project in Calcasieu Parish, Louisiana, developed by Woodside Energy Group Ltd.
The facility is located in the core of the Gulf Coast LNG corridor, with strategic access to U.S. natural gas resources and Gulf export routes. Total permitted capacity for the project is 27.6 million tonnes per annum (MTPA), with the foundation development aiming to produce 16.5 MTPA. The project is nearing its Final Investment Decision (FID).
Capital Commitment and Development Milestone
Stonepeak has committed to a $5.7 billion capital contribution, significantly frontloading funding for the project. The firm will contribute 75% of the capital expenditure for 2025 and 2026, accelerating development and reducing Woodside's financial exposure.
Stonepeak will receive a 40% equity interest in Louisiana LNG Infrastructure. Woodside will remain the project's operator, continuing to lead construction and long-term operations.
“This partnership with Stonepeak, together with our lump sum turnkey EPC agreement with Bechtel and existing regulatory permits, gives us confidence to progress at pace towards a final investment decision,” said Meg O’Neill, CEO of Woodside.
Engineering and Project Delivery
Construction is already underway. Bechtel, a globally recognized leader in infrastructure execution, has been contracted as the EPC (Engineering, Procurement, and Construction) provider. The project’s front-end engineering design (FEED) is complete.
Upon FID, Louisiana LNG Infrastructure will own and develop all liquefaction infrastructure and common user facilities.
“This project is a compelling opportunity to invest in a near-FID LNG export facility with an attractive risk-return profile,” said James Wyper, Senior Managing Director at Stonepeak. “We have strong conviction in Louisiana LNG’s future role in the U.S. LNG export market.”
Strategic Fit for Both Firms
Woodside acquired the Louisiana LNG project in 2024 through its $900 million takeover of Tellurian, positioning the project as a key asset in its global LNG portfolio. The transaction aligns with Woodside’s strategy to share development costs and risks while retaining operational control.
“This transaction confirms Louisiana LNG’s position as a globally attractive investment,” added O’Neill. “It also reduces our capital expenditure while retaining long-term value for shareholders.”
The deal follows a competitive process that attracted multiple global counterparties. Pending regulatory, legal, and customary approvals and the final FID, it is expected to close in Q2 2025.
About the Companies
Stonepeak is an alternative investment firm with $72 billion in assets under management, focusing on infrastructure, energy transition, and logistics. The firm has a long-standing track record in LNG terminals, LNG carriers, and regasification units.
Woodside Energy Group is a global LNG operator with over 35 years of experience, including as operator of the North West Shelf Project. The company is focused on executing major LNG projects globally while maintaining a disciplined investment approach.
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