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Tallgrass Announces Series of Initiatives in Southeast Louisiana

PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.
December 28, 2022 GMT

PLAQUEMINES PARISH, La.--(BUSINESS WIRE)--Dec 28, 2022--

Today, Tallgrass has announced an agreement with the Louisiana Coastal Protection and Restoration Authority (CPRA) for the sale of over 500 acres of property in Plaquemines Parish, Louisiana, to advance Governor John Bel Edwards’s efforts to restore the state’s eroding coastlines and better protect communities against hurricane damage by creating more wetlands to serve as a natural storm barrier.

“Our state is in a battle against time and the elements to shore up our coastlines before it’s too late. By prioritizing the people of Southeast Louisiana and advancing our hurricane preparedness, this agreement highlights the importance my Administration has placed on attracting companies to Louisiana who prioritize Louisianans,” said Governor John Bel Edwards.

Under the agreement, CPRA will be able to advance the Mid-Barataria Sediment Diversion at the site on mutually agreeable terms and without the exercise of eminent domain. Tallgrass will also have the right to continue its evaluation of potential renewable and clean energy developments at the site through collaboration with CPRA and the local community to ensure any development activities at the site will be consistent with the CPRA’s coastal diversion program while simultaneously protecting and preserving the history and future of the local community.

Additionally, CPRA and Tallgrass will create the Ironton & Southeast Louisiana Committee. The Committee will be comprised of members from Ironton and Plaquemines Parish as well as Tallgrass and CPRA and will develop a strategic plan to protect, preserve and memorialize the Saint Rosalie Plantation Cemetery.

These steps will be additive to Tallgrass’s previously established 50-acre, permanent, buffer-zone, which was created in 2020 to prohibit industrial development adjacent to the historic community of Ironton. The Committee will also have responsibility for identifying and recommending opportunities to invest at least $3 million to support community resiliency and development. Any renewable and clean energy development opportunities identified by Tallgrass for the site would also be subject to the measures implemented under the strategic plan.

“This agreement gets us one step closer to building a first-of-its-kind environmental infrastructure project that will fundamentally change our state’s ability to fight land loss. It enables us to build a cornerstone project of our Coastal Master Plan and represents the kind of collaboration between community, government, and the private sector that is required to effectively restore our coast,” said CPRA Chairman, Chip Kline. “Tallgrass understands the challenges we’re facing in coastal Louisiana and has prioritized putting this land to its best use – creating a stronger, more resilient coastline that supports our entire state.”

Separately, pending the successful close of the transaction, Tallgrass is dedicating an additional $3 million from the proceeds of the site sale to advance social and economic development initiatives in the region. The first of these initiatives will be contributions to assist in the reconstruction of the Saint Paul Missionary Baptist Church as well as other needs of the community of Ironton due to damage suffered from Hurricane Ida.

“For so many years, this community has been neglected. I appreciate Tallgrass’s willingness to contribute wherever needed and their decision to remain a part of our community. I look forward to our discussions about preserving the Saint Rosalie Plantation Cemetery as well as ensuring the health and well-being of Ironton,” said Rev. Dr. Haywood Johnson Jr., Pastor of Saint Paul Missionary Baptist Church.

“When we started with the property in Plaquemines Parish, we set out to be a partner of Ironton and Southeast Louisiana for the long-haul. While our development plans changed over time – our commitment to the community remains unchanged,” said Matt Kegg, Director of Terminals at Tallgrass. “We are thankful for what these initiatives enable us to do for the community of Ironton, Plaquemines Parish, and Louisiana more broadly, and we appreciate everyone’s efforts to begin this new chapter, together.”

The transaction is expected to close in the first quarter of 2023 subject to customary approvals and closing conditions.

Cautionary Note Concerning Forward-Looking Statements

Disclosures in this news release contain forward-looking statements. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that management expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expected benefits of the transaction, including statements regarding the use of the site by CPRA and Tallgrass; the creation, composition and future actions of the Ironton & Southeast Louisiana Committee; the deployment of $3 million of proceeds by Tallgrass; and whether the transaction will close in the first quarter of 2023 or at all. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Tallgrass, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements, and other important factors that could cause actual results to differ materially from those projected, including those set forth in reports and financial statements made available by Tallgrass. Any forward-looking statement applies only as of the date on which such statement is made, and Tallgrass does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

About Tallgrass

Tallgrass is a leading energy infrastructure company focused on safely, reliably and sustainably delivering the energy and services that fuel homes and businesses and enable quality of life. We are committed to being at the forefront of efforts to decarbonize our world. An investor group led by Blackstone Infrastructure Partners, which includes Enagás SA, GIC, NPS and USS, owns the outstanding equity interests in Tallgrass. Learn more at Tallgrass.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20221228005093/en/

CONTACT: Tallgrass Media Inquiries

Steven Davidson, 817-988-4284

media.relations@tallgrass.com

KEYWORD: LOUISIANA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: ENVIRONMENT ENVIRONMENTAL POLICY NATURAL DISASTERS ENVIRONMENTAL HEALTH OIL/GAS PUBLIC POLICY/GOVERNMENT ALTERNATIVE ENERGY ENERGY STATE/LOCAL

SOURCE: Tallgrass

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PUB: 12/28/2022 03:02 PM/DISC: 12/28/2022 03:02 PM

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