New York stock exchange-listed Venture Global has announced a final investment decision (FID) and successful closing of the $15.1bn project financing for the first phase of the company’s third project, Venture Global CP2 LNG (CP2), together with the associated CP Express Pipeline.
The transaction garnered enormous interest from the world’s leading banks, Venture Global said, resulting in over $34bn of commitments, and required no outside equity investment.
“We are extremely proud to have taken FID on our third greenfield project in under 6 years with over $80 billion in capital markets transactions executed to date,” said Venture Global CEO Mike Sabel. “This project, fully owned by Venture Global and our shareholders, is expected to deliver reliable American LNG to the world beginning in 2027.”
The American producer and LNG exporter in US, Venture Global, claims CP2 will have a peak production capacity of 28 million tonnes per annum (MTPA), adding that phase 1 has contracted long-term sale and purchase agreements with customers across Europe, Asia, and other global markets.
Venture Global now has a total contracted capacity of 43.5 mtpa across all three of its projects in Louisiana.
The lender group for the construction financing is comprised of leading banks. The lender group includes Bank of America, Barclays, Bayern LB, BBVA, CIBC, Deutsche Bank, FirstBank, Flagstar, Goldman Sachs, Helaba, ICBC, ING, Intesa, J.P. Morgan, LBBW, Mizuho, MUFG, Natixis, NBC, Nord LB, Raymond James, RBC, Regions, Santander, Scotiabank, SMBC, Standard Chartered, Truist and Wells Fargo.
The company’s vertically integrated business includes assets across the LNG supply chain including LNG production, natural gas transport, shipping and regasification. The company’s first three projects, Calcasieu Pass, Plaquemines LNG, and CP2 LNG, are located in Louisiana along the U.S. Gulf Coast.
