Venture Global announces FID and financial close for Calcasieu Pass LNG

Venture Global LNG, Inc. has announced the final investment decision (FID) and closing of the project financing for the company’s Calcasieu Pass LNG facility and associated TransCameron pipeline in Cameron Parish, Louisiana. The proceeds of the debt and equity financing fully fund the balance of the construction and commissioning of Calcasieu Pass. Fullsite construction has been underway since February 2019, and the project is expected to reach its Commercial Operations Date (COD) in 2022.

Stonepeak Infrastructure Partners provided a US$1.3 billion equity investment for the project. The lenders for the company’s US$5.8 billion construction financing are Banco Santander, S.A, Bank of America, N.A., Goldman Sachs Bank USA, Industrial & Commercial Bank of China Limited, ING Capital LLC, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc., Natixis, Nomura Securities International, Inc., Royal Bank of Canada, Sumitomo Mitsui Banking Corporation, and The Bank of Nova Scotia.

Calcasieu Pass has received all necessary permits, including FERC authorization and Non-FTA export authorization from the U.S. Department of Energy. The project has 20-year LNG sale and purchase agreements with Shell, BP, Edison S.p.A., Galp, Repsol and PGNiG.

Morgan Stanley served as financial advisor 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.