Venture Global and Stonepeak announced that they have reached agreements under which Stonepeak will exclusively provide a $1.3 billion equity investment in Venture Global’s 10 million tonnes per annum (MTPA) Calcasieu Pass LNG export facility in Cameron Parish, Louisiana.
This will bring the overall committed capital to fund the construction of Calcasieu Pass and the development of Venture Global’s 20 MTPA Plaquemines LNG and 20 MTPA Delta LNG facilities to $2.2 billion.
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The 10 MTPA Venture Global Calcasieu Pass facility will utilize a comprehensive process solution from Baker Hughes, a GE company (BHGE) that uses mid-scale, modular, factory-fabricated liquefaction trains.
Kiewit will design, engineer, construct, commission, test and guarantee the Calcasieu Pass facility. Until now the facility has obtained all necessary permits, including FERC authorization and Non-FTA export authorization from the US Department of Energy, and construction activities are currently taking place with more than $250 million spent on site preparation work, final engineering and equipment purchases and fabrication.
Now, Venture Global expects to secure FERC and DOE authorizations for Plaquemines LNG in the third quarter of this year and begin construction shortly after.
Venture Global LNG Co-CEO Bob Pender, stated:
Calcasieu Pass is already significantly advanced in both site construction and module manufacturing, owing to the $855 million previously raised to date. We are finalizing the balance of our Calcasieu Pass financing with our consortium of project finance lenders, and we look forward to providing LNG to our global customers – Shell, BP, Edison S.p.A., Galp, Repsol and PGNiG – in 2022
