Venture Global Secures Additional LNG Financing

US LNG developer Venture Global LNG said June 27 it has raised US$675mn of additional investment from institutional investors that will be used primarily to further the development of the company’s 20mn mt/yr Plaquemines LNG export project in Louisiana.

Together with the $855mn raised earlier and last month’s equity investment of $1.3bn from Stonepeak Infrastructure Partners, Venture Global has now raised total committed capital of $2.8bn to support the development of its LNG export facilities.

“With the expansion of our Plaquemines LNG sales and purchase agreement (SPA) with PGNiG to 2.5mn mt/yr and in anticipation of additional near-term commercialisation, we are excited to add significant new resources as we prepare to commence early works at Plaquemines later this year,” the company said.

The Plaquemines LNG export facility will use highly-efficient midscale, modular, factory-fabricated liquefaction trains in an identical configuration to Venture Global’s Calcasieu Pass LNG project, currently under construction in Cameron Parish, Louisiana.

A final order concerning Plaquemines from the US Federal Energy Regulatory Commission is expected no later than August 1, after which Venture Global will be in a position to take a positive final investment decision. Construction on Phase 1 – nine liquefaction blocks with capacity of 10mn mt/yr – is expected to begin late this year, with Phase 2 set to begin construction in late 2020.