On May 25, 2022, Venture Global LNG announced that it had secured $13.2 billion in financing for the initial phase of its Plaquemines LNG facility in Louisiana and the associated Gator Express Pipeline.[1] The transaction is the first financial close[2] of a U.S. LNG export project since Venture Global’s Calcasieu Pass facility in August 2019. It is also the largest project financing in the world closed to date in 2022. The first phase of Plaquemines is expected to export up to 13.33 million metric tons of LNG per year. The LNG facility has received all necessary permits, including authorization from the Federal Energy Regulatory Commission (FERC) and non-free trade agreement export authorization from the Department of Energy (DOE). Additionally, Venture Global has executed 20-year agreements for 80% of the full project. Phase one customers include PGNiG, Sinopec, CNOOC, Shell, and EDF, and phase two customers announced to date include ExxonMobil, PETRONAS, and New Fortress Energy. Lenders included Bank of America, Goldman Sachs Bank, and JPMorgan Chase Bank.

[1] https://venturegloballng.com/press/venture-global-announces-final-investment-decision-and-financial-close-for-plaquemines-lng/

[2] “Financial close” occurs when all the project and financing agreements have been signed, all conditions on those agreements have been met, and work can start on the project.