OGCI Climate Investments partners with Starwood Energy to develop a large-scale carbon capture facility using 45Q tax credits
OGCI Climate Investments announced its partnership with Starwood Energy and Elysian Ventures to develop one of the world’s first full-scale carbon capture facilities to be integrated into a natural gas power plant.
Using commercially available technology, the facility is expected to capture over 90% of the CO2 emissions from an existing combined cycle natural gas power plant. The captured CO2 will be used in oil recovery in conventional oil production and permanently sequestered in an existing oil field.
The project will be jointly developed by Starwood and Elysian Ventures. It will seek to use Section 45Q tax credits for the deployment of carbon capture projects once final regulations are implemented, including potential upcoming legislative enhancements. The project will be non-recourse financed, with construction of the facility expected to commence in early 2021.