Venture Global Announces Final Investment Decision and Financial Close for Plaquemines LNG
PR96187
ARLINGTON, Va., May 26, 2022 /PRNewswire=KYODO JBN/ --
-- $13.2 billion project financing formally sanctions the first domestic US
LNG export project to reach financial close since Venture Global's Calcasieu
Pass.
-- Largest project financing transaction in the world closed in 2022.
Today Venture Global LNG is announcing a final investment decision (FID) and
successful closing of the $13.2 billion project financing for the initial phase
(an upsized 13.33 MTPA) of the Plaquemines LNG facility and the associated
Gator Express pipeline. This transaction represents the largest project
financing in the world closed to date in 2022. The proceeds of the debt and
equity financing fully fund the balance of construction and commissioning of
the initial phase. This is the first LNG project located in the United States
to reach financial close since Venture Global's Calcasieu Pass facility in
August 2019.
Photo - https://mma.prnewswire.com/media/1825841/PLNG.jpg
"The Venture Global team is proud to announce FID on our second project,
Plaquemines LNG, just months after exports began at Calcasieu Pass. I want to
thank our team for their tireless efforts to support this remarkable
achievement," said Mike Sabel, CEO of Venture Global LNG. "Plaquemines will
build on the success of Calcasieu Pass, which broke global records for speed
and execution. The project has attracted robust financial and commercial
support which has enabled us to formally sanction this project at a critical
moment for energy markets. Speed matters more than ever and Venture Global is
uniquely positioned to quickly bring US LNG to the market to support global
energy security and environmental progress. I would like to thank our
customers, lenders, advisors, construction partners and local partners in
Louisiana for their trust and support."
Plaquemines LNG has received all necessary permits, including FERC
authorization and non-FTA export authorization from the U.S. Department of
Energy. In addition, the company has executed 20-year Sales and Purchase
Agreements (SPAs) for 80% of the full 20.0 MTPA project. Plaquemines LNG phase
one customers include PGNiG, Sinopec, CNOOC, Shell and EDF; phase two customers
announced to date include ExxonMobil, PETRONAS and New Fortress Energy.
Marketing is actively underway for the company's third facility, CP2, and two
SPAs with ExxonMobil and New Fortress Energy have already been executed for
this project.
The lender group for the company's construction financing includes the world's
leading banks, spanning multiple continents. The lenders who provided funding
at closing are: Bank of America, N.A., Banco Santander, S.A., Bank of China,
CaixaBank, S.A., Deutsche Bank AG, New York Branch, Goldman Sachs Bank USA,
Industrial and Commercial Bank of China Limited, ING Capital LLC, JPMorgan
Chase Bank, N.A., Landesbank Baden Württemberg, Mizuho Bank, Ltd., Morgan
Stanley Senior Funding, Inc., MUFG Bank, Ltd., Natixis, Nomura Securities
International, Inc., Royal Bank of Canada, Sumitomo Mitsui Banking Corporation,
The Bank of Nova Scotia and Truist Bank.
Bank of America, Goldman Sachs, ING, JP Morgan, Mizuho, Morgan Stanley and RBC
served as Lead Banks to Venture Global for the transaction. Latham & Watkins
LLP served as counsel to Venture Global and Skadden, Arps, Slate, Meagher &
Flom LLP served as counsel to the lenders.
About Venture Global LNG
Venture Global is a long-term, low-cost provider of U.S. LNG sourced from
resource rich North American natural gas basins. Venture Global's first
facility, Calcasieu Pass, commenced producing LNG in January 2022. The company
is also constructing or developing an additional 60 MTPA of production capacity
in Louisiana to provide clean, affordable energy to the world. The company is
developing Carbon Capture and Sequestration (CCS) projects at each of its LNG
facilities.
SOURCE Venture Global LNG
CONTACT: Investor, Leah Woodward, +1 202 759-6746, lwoodward@vglng.com; Media,
Shaylyn Hynes, +1 202 920-0964, shynes@vglng.com
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