Latest news with #VentureGlobal
Yahoo
10 hours ago
- Business
- Yahoo
Venture Global announces FID and $15.1bn financing for CP2 LNG phase one
Venture Global has announced a final investment decision (FID) and the successful closure of $15.1bn in project financing for the first phase of its CP2 LNG (CP2) project in Louisiana, US, along with the associated CP Express Pipeline. The company claims that this financing milestone represents the largest stand-alone project financing to date and the second-largest project financing overall, following the combined financings of its Plaquemines LNG project. CP2 LNG is Venture Global's third project and is expected to position the company as the largest exporter of liquefied natural gas (LNG) from the US, according to the company. The project is set to have a peak production capacity of 28 million tonnes per annum (mtpa). Phase one of the project has secured long-term sales and purchase agreements (SPAs) with customers in Europe, Asia and other regions, underscoring CP2's strategic importance to global energy supply and security. Venture Global now boasts a total contracted capacity of 43.5mtpa across all three of its projects in Louisiana. Venture Global CEO Mike Sabel said: 'We are extremely proud to have taken FID on our third greenfield project in under six years with over $80bn in capital markets transactions executed to date. 'This success would not be possible without the dedication and relentless execution of the entire Venture Global team. Our significant early investments and work on the project make CP2 the most advanced project at FID to date. This project, fully owned by Venture Global and our shareholders, is expected to deliver reliable American LNG to the world, beginning in 2027.' The transaction attracted significant interest from the world's leading banks, resulting in commitments exceeding $34bn, and did not necessitate any external equity investment. The composition of the lender group indicates significant demand for US LNG investment not only domestically but also in Europe and Asia. The lender group includes Bank of America, Barclays, Deutsche Bank, Goldman Sachs, J.P. Morgan, Mizuho, Santander and Wells Fargo. ING and Santander acted as lead arrangers for the construction term loan and working capital facility of CP2 LNG phase one. Bank of America and Scotiabank took on the role of lead arrangers for CP2 LNG phase one's equity bridge loan. Latham & Watkins provided legal counsel to Venture Global, and Skadden, Arps, Slate, Meagher & Flom represented the lenders across all facilities. In June, Venture Global commenced site work at the CP2 LNG facility after receiving final approval from the US Federal Energy Regulatory Commission. "Venture Global announces FID and $15.1bn financing for CP2 LNG phase one" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
a day ago
- Business
- Yahoo
Venture Global okays construction of CP2 LNG project, shares rise 5%
By Curtis Williams (Reuters) -U.S. liquefied natural gas company Venture Global said on Monday it has decided to go ahead with the construction of its CP2 export facility in Louisiana after it closed $15.1 billion in financing for the first phase of the project. Venture Global's stock rose 5% as investors cheered the decision, which promises to boost the company's export capacity by more than 70% within two years. It is the third positive final investment decision for a U.S. LNG export project since January. It also will help cement the U.S. position as top global supplier of the superchilled fuel. "We are extremely proud to have taken FID on our third greenfield project in under six years with over $80 billion in capital markets transactions executed to date," Venture Global CEO Mike Sabel said. With an expected production of 28 million metric tons per annum (MTPA), CP2 will lift Venture Global's export capacity 67.2 million MTPA by 2027, from 39.2 million MTPA now, according to company filings. That would make it the country's top LNG export company ahead of Cheniere Energy. A mere startup three years ago, Venture Global has quickly become a major U.S. LNG exporter by producing LNG even as its export facilities remain under construction. Last month its two existing plants, Plaquemines and CP1, exported over 2 million MT, according to data from financial firm LSEG. The announcement followed positive financial decisions on two other U.S. LNG export facilities this year. Cheniere approved its midscale Trains 8 & 9, and Woodside Energy gave the go-ahead on its Louisiana project. Several other proposed LNG projects await a decision. The industry has enjoyed strong global demand and policy support from U.S. President Donald Trump, who returned to office in January promising to unleash U.S. energy. He also reversed a freeze on new export permits. The U.S. is the world's top LNG exporter with total capacity expected to reach 115 million MTPA this year, according to the U.S. Energy Information Administration. Venture Global said the lender group for the construction financing included Bank of America, Barclays and BayernLB, among other U.S., Europe and Asia-based banks. Venture Global said it now has a total contracted capacity of 43.5 MTPA across all three of its projects in Louisiana. The company's stock also got a boost from the European Union's pledge of $750 billion worth of strategic purchases, part of a sweeping trade pact. Below is a list of other U.S LNG projects that could get to FID before the end of the year. Project Capacity Port Arthur Phase 2 13 MTPA Commonwealth LNG 9.5 MTPA Lake Charles 16.5 MTPA Next Decade Train 4 5.4 MTPA
Yahoo
a day ago
- Business
- Yahoo
Venture Global okays construction of CP2 LNG project, shares rise 5%
By Curtis Williams (Reuters) -U.S. liquefied natural gas company Venture Global said on Monday it has decided to go ahead with the construction of its CP2 export facility in Louisiana after it closed $15.1 billion in financing for the first phase of the project. Venture Global's stock rose 5% as investors cheered the decision, which promises to boost the company's export capacity by more than 70% within two years. It is the third positive final investment decision for a U.S. LNG export project since January. It also will help cement the U.S. position as top global supplier of the superchilled fuel. "We are extremely proud to have taken FID on our third greenfield project in under six years with over $80 billion in capital markets transactions executed to date," Venture Global CEO Mike Sabel said. With an expected production of 28 million metric tons per annum (MTPA), CP2 will lift Venture Global's export capacity 67.2 million MTPA by 2027, from 39.2 million MTPA now, according to company filings. That would make it the country's top LNG export company ahead of Cheniere Energy. A mere startup three years ago, Venture Global has quickly become a major U.S. LNG exporter by producing LNG even as its export facilities remain under construction. Last month its two existing plants, Plaquemines and CP1, exported over 2 million MT, according to data from financial firm LSEG. The announcement followed positive financial decisions on two other U.S. LNG export facilities this year. Cheniere approved its midscale Trains 8 & 9, and Woodside Energy gave the go-ahead on its Louisiana project. Several other proposed LNG projects await a decision. The industry has enjoyed strong global demand and policy support from U.S. President Donald Trump, who returned to office in January promising to unleash U.S. energy. He also reversed a freeze on new export permits. The U.S. is the world's top LNG exporter with total capacity expected to reach 115 million MTPA this year, according to the U.S. Energy Information Administration. Venture Global said the lender group for the construction financing included Bank of America, Barclays and BayernLB, among other U.S., Europe and Asia-based banks. Venture Global said it now has a total contracted capacity of 43.5 MTPA across all three of its projects in Louisiana. The company's stock also got a boost from the European Union's pledge of $750 billion worth of strategic purchases, part of a sweeping trade pact. Below is a list of other U.S LNG projects that could get to FID before the end of the year. Project Capacity Port Arthur Phase 2 13 MTPA Commonwealth LNG 9.5 MTPA Lake Charles 16.5 MTPA Next Decade Train 4 5.4 MTPA
Reuters
a day ago
- Business
- Reuters
Venture Global okays construction of CP2 LNG project, shares rise 5%
July 28 (Reuters) - U.S. liquefied natural gas company Venture Global (VG.N), opens new tab said on Monday it has decided to go ahead with the construction of its CP2 export facility in Louisiana after it closed $15.1 billion in financing for the first phase of the project. Venture Global's stock rose 5% as investors cheered the decision, which promises to boost the company's export capacity by more than 70% within two years. It is the third positive final investment decision for a U.S. LNG export project since January. It also will help cement the U.S. position as top global supplier of the superchilled fuel. "We are extremely proud to have taken FID on our third greenfield project in under six years with over $80 billion in capital markets transactions executed to date," Venture Global CEO Mike Sabel said. With an expected production of 28 million metric tons per annum (MTPA), CP2 will lift Venture Global's export capacity 67.2 million MTPA by 2027, from 39.2 million MTPA now, according to company filings. That would make it the country's top LNG export company ahead of Cheniere Energy (LNG.N), opens new tab. A mere startup three years ago, Venture Global has quickly become a major U.S. LNG exporter by producing LNG even as its export facilities remain under construction. Last month its two existing plants, Plaquemines and CP1, exported over 2 million MT, according to data from financial firm LSEG. The announcement followed positive financial decisions on two other U.S. LNG export facilities this year. Cheniere approved its midscale Trains 8 & 9, and Woodside Energy ( opens new tab gave the go-ahead on its Louisiana project. Several other proposed LNG projects await a decision. The industry has enjoyed strong global demand and policy support from U.S. President Donald Trump, who returned to office in January promising to unleash U.S. energy. He also reversed a freeze on new export permits. The U.S. is the world's top LNG exporter with total capacity expected to reach 115 million MTPA this year, according to the U.S. Energy Information Administration. Venture Global said the lender group for the construction financing included Bank of America, Barclays and BayernLB, among other U.S., Europe and Asia-based banks. Venture Global said it now has a total contracted capacity of 43.5 MTPA across all three of its projects in Louisiana. The company's stock also got a boost from the European Union's pledge of $750 billion worth of strategic purchases, part of a sweeping trade pact. Below is a list of other U.S LNG projects that could get to FID before the end of the year.
CNBC
a day ago
- Business
- CNBC
Venture Global CEO on $15B financing: 'Very early days' of global gas exports
Michael Sabel, Venture Global co-founder and CEO, joins 'Power Lunch' to discuss the current state of the U.S. energy market.
