Venture Global Reaches $15.1 Billion FID for CP2 LNG, Louisiana
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Venture Global has made a final investment decision (FID) and successfully closed $15.1 billion project financing for the first phase of the company’s third project, Venture Global CP2 LNG (CP2), together with the associated CP Express Pipeline.
This milestone represents the largest standalone project financing ever, and the second largest project financing after the combined financings of Venture Global’s Plaquemines LNG. The transaction garnered enormous interest from the world’s leading banks, resulting in more than $34 billion of commitments, and required no outside equity investment.
“We are extremely proud to have taken FID on our third greenfield project in under 6 years with more than $80 billion in capital markets transactions executed to date,” said Venture Global CEO Mike Sabel.
“This success would not be possible without the dedication and relentless execution of the entire Venture Global team. Our significant early investments and work on the project make CP2 the most advanced project at FID to date. This project, fully owned by Venture Global and is expected to deliver reliable American LNG to the world beginning in 2027,” added Sabel.
CP2 will have a peak production capacity of 28 MTPA. Phase 1 has contracted long-term SPAs with customers in Europe, Asia, and the rest of the world. CP2 is a strategically important project to global energy supply and security. Venture Global now has a total contracted capacity of 43.5 MTPA across all three of its projects in Louisiana.
The lender group for the construction financing is comprised of 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.
Venture Global is an American producer and exporter of low-cost U.S. liquefied natural gas (LNG) with more than 100 MTPA of capacity in production, construction, or development. Venture Global began producing LNG from its first facility in 2022 and is now one of the largest LNG exporters in the United States. The company’s vertically integrated business includes assets across the LNG supply chain including LNG production, natural gas transport, shipping and regasification. The company’s first three projects, Calcasieu Pass, Plaquemines LNG, and CP2 LNG, are located in Louisiana along the U.S. Gulf Coast. Venture Global is developing carbon capture and sequestration projects at each of its LNG facilities.
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