With $8.6 billion for next chapter, US LNG project has $20.7B financing in the bag

Venture Global, an American producer of liquefied natural gas (LNG) sourced from North American basins, has unveiled a final investment decision (FID) and closing of a multibillion-dollar project financing for the second phase of its third project in Louisiana, United States.

While revealing the FID and financial close of an $8.6 billion project financing for the second phase of CP2 LNG (CP2), Venture Global explains that this brings the project’s total financing to $20.7 billion. The firm describes this as the largest standalone project financing in the U.S. bank market, when combined with the Phase One financing announced in July 2025.

The company claims that the transaction garnered enormous interest from the world’s leading banks, resulting in over $19 billion of commitments for Phase Two in addition to the previous $34 billion of commitments for Phase One, and required no outside equity investment.

Mike Sabel, Venture Global’s CEO, commented: “We are extremely proud to have taken FID on the second phase of CP2, our third greenfield project, bringing Venture Global’s executed capital markets transactions to more than $95 billion.

“The tireless dedication of our team has enabled us to reach five final investment decisions in less than seven years, positioning us to become the largest U.S. exporter of LNG once CP2 is fully online. With the Phase Two financing secured, we will build on the strong construction progress already underway and deliver reliable American LNG to customers around the world.”

With a peak production capacity of 29 million tonnes per annum (mtpa), the CP2 LNG project has contracted to sell nearly all of its nameplate capacity on a long-term basis with customers predominantly located in Europe and Asia. This development is seen as a strategically important project for global energy supply and security.

Venture Global now has a total contracted capacity of over 49 mtpa, or nearly all of its nameplate capacity, across all three of its projects – Calcasieu Pass, Plaquemines LNG, and CP2 LNG – in Louisiana. The American LNG giant is developing carbon capture and sequestration (CCS) projects at each of its first three projects along the U.S. Gulf Coast.

The U.S. player elaborates that the lender group for the construction financing encapsulates the world’s leading banks, signaling significant demand for U.S. LNG investment not only in the United States but also in Europe and Asia.

This lender group entails Banco Santander, Bank of America, Bank of China, Barclays, CaixaBank, Canadian Imperial Bank of Commerce, Deutsche Bank, Goldman Sachs, Industrial and Commercial Bank of China, Intesa Sanpaolo, J.P. Morgan Chase, Landesbank Baden-Wuttemberg, Mizuho, National Bank of Canada, National Westminster Bank, Natixis, PNC Bank, Regions Bank, Royal Bank of Canada, Standard Chartered, Sumitomo Mitsui, The Bank of Nova Scotia, The Huntington National Bank, Truist, U.S. Bank National Association, and Wells Fargo.

While Banco Bilbao Vizcaya Argentaria (BBVA) and MUFG Bank (MUFG) served as lead arrangers for CP2 LNG Phase 2’s construction term loan and working capital facility, Latham & Watkins acted as counsel to Venture Global, with Skadden, Arps, Slate, Meagher & Flom taking the role of counsel to lenders across all facilities.

With over 100 mtpa of capacity in production, construction, or development, Venture Global began producing LNG from its first facility in 2022. The company’s vertically integrated business includes assets across the LNG supply chain, covering LNG production, natural gas transport, shipping, and regasification.

The CP2 LNG terminal will be built at an approximately 1,150-acre site in Cameron Parish, with the proposed CP Express pipeline set to originate in Jasper and Newton County, Texas, before it ends at the CP2 LNG terminal in Cameron Parish, where it will feed natural gas to the proposed LNG facility.

The associated marine facility will be situated on Monkey Island, between the Calcasieu Ship Channel and Calcasieu Pass. CP2 LNG is Venture Global’s third LNG export project, with the Calcasieu Pass project coming online in March 2022 and the Plaquemines LNG project beginning exports in late 2024.

CP2 LNG Phase 2, which will have a total liquefaction of 5.6 mtpa, will include ten liquefaction trains and two 200,000-cubic-meter storage tanks. Wood Mackenzie claims that the liquefaction trains will be identical to the mid-scale, modular design implemented at the operational Calcasieu Pass LNG terminal.

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