$9 Million in Congressional Funding Secured to Support Engineering Study
What is the timing for the project?
The FEED study for Project Diamond Vault has already begun and will be completed by the end of 2023. Permitting is expected to be complete some time during the second half of 2025. Construction is expected to begin by the end of 2025, and commercial operation of Project Diamond Vault is planned to occur no later than 2028.
How much will Project Diamond Vault cost?
Project Diamond Vault is projected to have a capital cost of approximately $900 million.
Why is the Project called Diamond Vault?
It’s a metaphor. Diamonds are precious jewels made deep within the earth. Project Diamond Vault won’t literally make diamonds. (At the planned temperatures and pressures, sequestered CO2 will be in the form of a sludge which will bond with surrounding rock over time.) But we do believe that gathering and sequestering carbon in geological vaults directly below the Brame Energy Center will have precious value to Cleco, our ratepayers, and the state of Louisiana as a whole.
To us, the project is a diamond.