Cheniere secures $2.5 billion funding for Corpus Christi liquefaction project
Houston-based LNG player Cheniere said it has won $2.5 billion in financing for its Corpus Christi liquefaction project in the U.S.
Investment funds managed by EIG have agreed to purchase approximately $1.5 billion of convertible notes with the proceeds being used as equity to fund a portion of the costs of developing, constructing and placing into service the Corpus Christi liquefaction project, Cheniere said in a statement on Tuesday.
RRJ Capital managed investment funds would purchase, in aggregate $1 billion notes, with the proceeding being used again for the purposes of funding a portion of the development and construction costs of Corpus Christi project. RRJ will have the right to transfer a portion of the convertible notes to Temasek Holdings and its affiliates.
After acknowledging the agreements with both investment funds, Cheniere’s CEO Charif Souki said the project is making progress and it is expected to commence construction in early 2015.
Corpus Christi liquefaction project is being designed for up to three trains with an expected aggregate annual production capacity of approximately 13.5 mtpa.
LNG World News Staff; Image: Cheniere