Venture Global LNG Inc. has closed a $500 million term loan to fund pre-final investment decision construction activities on the 10-million tonne/year (tpy) Phase 1 of its Plaquemines LNG liquefaction plant, in Plaquemines Parish, La.
Venture Global plans to begin full construction of Plaquemines LNG in 2021. The company last year awarded Phase 1’s engineering, procurement, and construction contract to KBR (OGJ Online, Nov. 24, 2020).
It has contracted 3.5 million tpy of Phase 1 capacity under binding 20-year offtake agreements and received both US Department of Energy export authorization and final Federal Energy Regulatory Commission approval.
JPMorgan Chase Bank NA, Morgan Stanley Senior Funding Inc., Mizuho Bank Ltd., and Bank of America NA, all of which were lenders to Venture Global’s Calcasieu Pass LNG project, are funding the loan. The new loan was upsized to $500 million from $400 million based on strong lender interest, according to Venture Global.
