Blackstone-Led Group to Invest $3.1 Billion in Mitsubishi LNG Canada Stake

Blackstone announced on November 2, 2026 that funds managed by Blackstone Credit & Insurance, in partnership with a group of Canadian institutional investors, have agreed to invest $3.1 billion to acquire a 49.9% non-controlling interest in a Mitsubishi Corporation subsidiary that holds the Japanese company’s interest in the LNG Canada liquefaction business.

The Blackstone-led investor group includes Canada Pension Plan Investment Board (CPP Investments), through wholly owned subsidiaries of CPPIB Credit Investments Inc., Ontario Municipal Employees Retirement System (OMERS), the Investment Management Corporation of Ontario (IMCO) and The Public Sector Pension Investment Board (PSP Investments). Mitsubishi Corporation, which Blackstone described as one of Japan’s largest LNG suppliers, will remain the controlling partner and retain its full share of LNG offtake.

Mitsubishi Corporation announced the transaction the same day, describing it as the sale of a 49.9% interest in its liquefaction infrastructure holding company for the LNG Canada project in British Columbia. Blackstone’s announcement states that the investor group agreed to invest $3.1 billion; Mitsubishi Corporation’s release states that the transaction is valued at approximately US$1.6 billion, approximately ¥250 billion. RBC Capital Markets served as Mitsubishi Corporation’s exclusive financial advisor on the transaction.

“We are proud to join Mitsubishi Corporation, a global leader with more than 50 years of experience across the LNG value chain, as a financial partner to support one of Canada’s most significant energy projects. This project will help meet rising energy demands across global markets,” said Rick Campbell, Senior Managing Director, Blackstone Credit & Insurance. Zachary Rubenstein, Managing Director, Blackstone Credit & Insurance, said the announcement builds on the firm’s conviction in Canada, its partnership with the country’s leading institutional investors and its ability to provide large corporates with flexible solutions to unlock value from their most critical assets.

“LNG Canada is a high-quality, globally strategic asset with strong long-term fundamentals and attractive return potential for the CPP Fund,” said Geoff Souter, Managing Director, Head of Real Assets Credit, CPP Investments. “We see this as a compelling opportunity to invest at scale here in Canada alongside Mitsubishi Corporation, Blackstone and our Canadian peers.”

Blackstone said its Infrastructure and Asset Based Credit platform manages $140 billion and has more than 100 investment professionals, which it described as among the largest in the asset-backed marketplace. Over the past two years, it has announced large-scale corporate solutions investments in Canada and in global energy infrastructure, including a CDN$7 billion investment in Rogers, a CDN$2.5 billion investment in Aeroplan, a $16 billion partnership with Kuwait Oil Company, a $7 billion investment in Sempra Infrastructure Partners’ Port Arthur LNG Phase 2, a $5.34 billion investment in a joint venture with Williams and a $3.5 billion investment in a joint venture with EQT.

Goldman Sachs (GS ) served as lead structuring agent and financial advisor to Blackstone, Scotiabank also served as financial advisor, and Kirkland & Ellis and Stikeman Elliott served as legal counsel to Blackstone.

LNG Canada Project Profile

Blackstone described LNG Canada as Canada’s first and only large-scale LNG export terminal and said that, once complete, the Phase 2 expansion will double the facility’s production capacity to 28 million tonnes per annum, making it one of the largest LNG facilities in the world. Mitsubishi Corporation announced the final investment decision for the expansion project on September 29, 2026, and the first shipment of LNG from the project took place on July 1, 2025.

In the LNG Canada project, each project partner independently procures its own feed gas, transports the gas through a 670-kilometer pipeline to the liquefaction facility, and offtakes LNG in proportion to its ownership interest, according to Mitsubishi Corporation. The company has been in the LNG business since 1969 and holds interests in 13 LNG projects globally.

Holding Company and Offtake Details

The holding company has a 15% interest in LNG Canada and currently offtakes 2.1 million tonnes per annum of LNG in proportion to its ownership interest; following the expansion, its offtake is expected to increase to 4.2 million tonnes per annum, Mitsubishi Corporation said. The LNG is sold to customers in Asia, primarily in Japan, through Diamond Global Energy Pte. Ltd., Mitsubishi Corporation’s wholly owned LNG marketing subsidiary based in Singapore. The company operates an integrated natural gas and LNG business in Western Canada spanning natural gas development and production, liquefaction at LNG Canada, and LNG offtake and marketing.

Mitsubishi Corporation said the transaction will not affect its LNG offtake volumes or customers. It will use the Blackstone-managed funds’ financial resources to advance the expansion project and further enhance the value of the business, while improving the capital efficiency of its investment in LNG Canada under its Corporate Strategy 2027. It will maintain its participation across the natural gas and LNG value chain in Canada, and the project will remain one of its key businesses, contributing to the stable supply of energy to customers around the world, including Japan.