Venture Global LNG, has closed project financing for the company’s Calcasieu Pass LNG facility and associated TransCameron pipeline in Cameron Parish, Louisiana.
The proceeds of the debt and equity financing fully fund the balance of the construction and commissioning of the Calcasieu Pass project. Fullsite construction has been underway since February 2019, and the project is expected to reach its Commercial Operations Date (COD) in 2022.
Major investment came from Stonepeak Infrastructure Partners, which provided a $1.3 billion equity.
Venture Global LNG Co-CEOs Mike Sabel and Bob Pender jointly stated: “Our goal has always been to lower the cost of electricity by delivering clean, low-cost LNG to the world.
“The closing of our financing is the culmination of years of hard work, and we want to sincerely thank our Venture Global team, our construction partners, our foundation customers, our lenders and advisors, Cameron Parish and our local partners in Louisiana.”
Calcasieu Pass has received all necessary permits, including FERC authorisation and Non-FTA export authorization from the U.S. Department of Energy. The project has 20-year LNG sale and purchase agreements with Shell, BP, Edison S.p.A., Galp, Repsol and PGNiG.
Venture Global LNG is also developing the 20 MTPA Plaquemines LNG project and the 20 MTPA Delta LNG project, both in Plaquemines Parish, Louisiana.