Venture Global’s subsidiary, Venture Global CP2 LNG, has closed a US$3 billion bank loan facility with commitments from 19 international banks to support the ongoing development of its CP2 LNG export project in Cameron Parish, Louisiana.
The financing will be used to cover various project costs and fund reserves for debt service, fees, and other expenses related to the project.
The CP2 LNG facility, situated along the Calcasieu Ship Channel, began development in early 2023 and is projected to reach a peak production capacity of up to 28 million tonnes of liquefied natural gas (LNG) per annum.
The project recently received non-free trade agreement export authorisation from the US Department of Energy, further advancing its path toward final investment decision (FID).
The US$3 billion loan is backed by guarantees from Venture Global CP Express and CP2 Procurement, both affiliates of CP2, and is secured by a first-priority perfected security interest in nearly all assets of CP2 and its guarantors.
SMBC led the arrangement as left lead arranger and sole bookrunner, with Caixabank and LBBW serving as right lead arrangers.
Other major banks, including Bank of America and J.P. Morgan, participated as coordinating lead arrangers.
Venture Global CEO Mike Sabel highlighted the significance of this financing milestone: “Venture Global is proud to close this major financing for CP2, which is slated to receive its first two liquefaction trains — number 55 and 56 deployed by Venture Global — in the coming months.
“This new capital, on top of the more than US$4 billion we have already invested to date, will enable continued fabrication, manufacturing and procurement at an accelerated pace, similar to Plaquemines.
“This strategically important project for the US will quickly bring new American LNG supply to the global market, equalising the balance of trade with other nations and supporting global energy security.”
The CP2 project is Venture Global’s third major LNG export facility in Louisiana, following the recent commencement of commercial operations at the Calcasieu Pass LNG project, also located in Cameron Parish.
The company’s rapid progress and significant capital commitments underscore its role in expanding US LNG export capacity and supporting global energy security.
