Venture Global Inc. said Thursday that it’s closed a $500 million term loan with four banks to fund pre-sanctioning construction activities for the company’s Plaquemines LNG export project in Louisiana.
The transaction was upsized from $400 million to $500 million “based on strong lender interest,” the company said. The term loan was made by JPMorgan Chase Bank N.A., Morgan Stanley Senior Funding Inc., Mizuho Bank Ltd. and Bank of America N.A. The banks are all lenders on Venture Global’s 10 million metric tons/year (mmty) Calcasieu Pass export project, which is under construction south of Lake Charles, LA.
Some of the funds would also be used for general corporate expenses.
The Plaquemines facility, proposed for Plaquemines Parish, would have an export capacity of 20 mmty. Venture Global has so far secured buyers to take 3.5 mmty under binding 20-year offtake agreements. The project has also received Federal Energy Regulatory Commission approval and export authorization from the Department of Energy. The company is targeting a final investment decision this year.
Venture Global is also developing the 20 mmty Delta LNG facility, which would be sited in Louisiana next to the Plaquemines plant. The company has indicated that it is considering developing a fourth export terminal near Calcasieu Pass.
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