Venture Global secures $675 mln for Plaquemines LNG

U.S. LNG export project developer Venture Global LNG has raked in $675 million of additional capital from institutional investors, channeling it towards its 20 mtpa Plaquemines LNG export project in Plaquemines Parish, Louisiana. 

In addition to the $855 million of capital previously raised at Venture Global LNG and the $1.3 billion project-level equity commitment from Stonepeak Infrastructure Partners for the company’s Calcasieu Pass LNG project, Venture Global LNG has now raised total committed capital of over $2.8 billion to support the development of its LNG export facilities, the company said in a statement.

Co-CEOs Mike Sabel and Bob Pender jointly stated, “With the expansion of our Plaquemines LNG sales and purchase agreement (SPA) with PGNiG to 2.5 mtpa and in anticipation of additional near-term commercialization, we are excited to add significant new resources as we prepare to commence early works at Plaquemines later this year.”

The 20 MTPA Plaquemines facility will employ a process solution from Baker Hughes, a GE company (BHGE) that utilizes mid-scale, modular, liquefaction trains in an identical configuration to its Calcasieu Pass LNG project, currently under construction in Cameron Parish, Louisiana.

The final order for Plaquemines LNG from the U.S. Federal Energy Regulatory Commission (FERC) is currently scheduled to be issued no later than August 1, 2019.