Venture Global LNG has raised US$675 million of additional capital from institutional investors that will be used for its Plaquemines LNG export project.
The capital will be used primarily for the further development of the company’s 20 million tonnes per annum (MTPA) Plaquemines LNG export project in Plaquemines Parish, Louisiana.
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.”
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 20 MTPA Plaquemines facility will employ a comprehensive process solution from Baker Hughes, a GE company (BHGE) that uses highly efficient mid-scale, modular, factory-fabricated 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.