A year after $13.2 billion backing, Plaquemines LNG locks up another $7.8 billion in financing

Less than a year after locking down $13.2 billion in financing for the first phase of its Plaquemines LNG project, Venture Global LNG on Monday announced it has closed another $7.8 billion package for the second construction phase of its liquefied natural gas export terminal in Plaquemines Parish.

The project’s first phase, which began construction in 2021, should produce up to 13.3 million metric tons of LNG annually starting in 2024, according to the U.S. Energy Information Administration. The second phase, which is already underway, should boost the terminal’s export capacity by up to another 10.7 million tons.

Altogether, Venture Global has lined up $21 billion in financing for both phases of the impending LNG export terminal, located off La. 23 near Pointe Celeste in Plaquemines Parish.

Lenders for the latest transaction include BBVA, Bank of America, Bank of China, Goldman Sachs and J.P. Morgan Chase, among others. ING, Banco Santander, Mizuho, Scotiabank and Sumitomo Mitsui Banking Corporation served as lead banks, according to a Venture Global news release.

Venture Global officials said the Plaquemines Parish facility has received all of its necessary permits, including approvals from the Federal Energy Regulatory Commission and the Department of Energy’s blessing to send shipments to non-free-trade agreement countries.

The impending terminal already has a long list of clients with long-term deals, including subsidiaries of ExxonMobil, Chevron, EnBW, New Fortress Energy, PETRONAS, China Gas and Excelerate Energy.

“Our company’s continued ability to commercialize, obtain financing and build our projects in an extremely competitive market is a testament to our team’s proven track record of discipline and execution,” Venture Global CEO Mike Sabel said in a statement.

The $21 billion investment in Plaquemines Parish is another step in Venture Global’s march to become one of the nation’s largest suppliers of LNG through four export terminals, which are in various stages of development.