Venture Global’s 10 Mtpa Calcasieu Pass LNG export facility is to receive a capital injection of $1.3 billion. Venture Global LNG and Stonepeak Infrastructure Partners executed definitive agreements under which Stonepeak will exclusively provide the equity investment in the export facility located in Cameron Parish, Louisiana.
This brings total committed capital to fund the construction of Calcasieu Pass and the continued development of Venture Global’s 20 Mtpa Plaquemines LNG and 20 Mtpa Delta LNG facilities to $2.2 billion.
Venture Global LNG Co-CEO Mike Sabel stated: “We are happy to announce this important milestone for Calcasieu Pass and very proud to partner with a world-class investor like Stonepeak. Their team brings a great depth of LNG knowledge and a track record of investing in exceptional infrastructure projects throughout North America.” Co-CEO Bob Penderadded,
“Calcasieu Pass is already significantly advanced in both site construction and module manufacturing, owing to the $855 million previously raised to date. We are finalising the balance of our Calcasieu Pass financing with our consortium of project finance lenders, and we look forward to providing LNG to our global customers – Shell, BP, Edison S.p.A., Galp, Repsol and PGNiG – in 2022.”
“We are long-term believers in the increasing importance of LNG as a global source of greener, cheaper energy and Stonepeak could not be more pleased to support Venture Global through the financing of this exciting project. Calcasieu Pass will be a critical provider of LNG to its blue-chip customer base and we look forward to supporting Venture Global, who we believe to be a global leader in developing low cost LNG production, in its efforts to bring cost-advantaged supply to new and existing markets,” said Stonepeak Senior Managing Director Jack Howell.
The 10 Mtpa nameplate Venture Global Calcasieu Pass facility will employ a comprehensive process solution from Baker Hughes, a GE company (BHGE) that utilises highly efficient mid-scale, modular, factory-fabricated liquefaction trains. Kiewit is designing, engineering, constructing, commissioning, testing and guaranteeing the Calcasieu Pass facility.
Calcasieu Pass has received all necessary permits, including FERC authorisation and Non-FTA export authorisation from the U.S. Department of Energy, and construction activities are ongoing with over $250 million spent on site preparation work, final engineering and equipment purchases and fabrication. Venture Global expects to secure FERC and DOE authorisations for Plaquemines LNG in the third quarter of this year and commence construction shortly thereafter.
For more information visit www.venturegloballng.com