NextDecade Corp. late Wednesday reached a final investment decision (FID) and is beginning construction of the first phase for the Rio Grande LNG (RGLNG) facility in deep South Texas near the Mexico border.

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The Houston-based company secured $18.4 billion for the 17.6 million metric ton/year (mmty) first phase, making it the largest greenfield energy project financing in U.S. history, according to the company.

CEO Matt Schatzman said sanctioning the project is a “landmark event” that has been years in the making. Rio Grande has been in development for at least eight years.

[Land of Opportunity: Can Texas natural gas power Mexico’s nearshoring and LNG export ambitions? Possibilities abound on both sides of the border as natural gas demand continues to grow. Download this...