U.S. LNG export project developer Venture Global LNG said that the company’s $5.8 billion Calcasieu Pass LNG construction financing has received over $10 billion in binding commitments.
The transaction is nearly two times oversubscribed, prior to retail syndication, Venture Global said in a statement.
The proceeds of the construction financing, along with the equity investment from Stonepeak Infrastructure Partners, will fund the construction and commissioning of the Calcasieu Pass facility and the associated TransCameron pipeline.
The lender group includes the world’s leading Asian, European and North American project finance banks.
The bank group is Banco Santander, Bank of America, Goldman Sachs Bank USA, Industrial & Commercial Bank of China, ING Capital, JPMorgan Chase Bank, Mizuho Bank, Morgan Stanley Senior Funding, Natixis, Nomura Securities International, Royal Bank of Canada, Sumitomo Mitsui Banking Corporation, and The Bank of Nova Scotia.
Venture Global LNG Co-CEOs Mike Sabel and Bob Pender jointly stated, “The company has now secured more than $8.6 billion of capital and is continuing full construction and fabrication activity at Calcasieu Pass.”
The 10 MTPA Venture Global Calcasieu Pass facility will employ a process solution from Baker Hughes, a GE company (BHGE) that utilizes mid-scale, modular, factory-fabricated liquefaction trains. Kiewit is designing, engineering, constructing, commissioning, testing and guaranteeing the facility.
Calcasieu Pass has received all necessary permits, including FERC authorization and Non-FTA export authorization from the U.S. Department of Energy. Venture Global LNG is also developing the 20 MTPA Plaquemines LNG project and the 20 MTPA Delta LNG project, both in Plaquemines Parish, Louisiana.