Venture Global LNG, a U.S. liquefied natural gas (LNG) export project developer, said it has secured a $220 million bridge loan from with Morgan Stanley Senior Funding Inc. and associated lenders.
The Calcasieu Pass Facility
Proceeds will be used to finalize engineering work and begin site construction activity for the company’s 10-million-tons-per-year (MTPA) Calcasieu Pass LNG export project.
Final approval of the Louisiana project depends on regulatory approval.
“This $220 million, along with the $635 million of equity capital we have raised to date, allows us to finalize advanced engineering, purchase equipment and commence construction activities at our Calcasieu Pass facility in the near term, reducing schedule risk for our off-take customers,” said Mike Sabel and Bob Pender, the company’s chief executives.
The Calcasieu Pass facility will employ a process solution from GE Oil and Gas, part of Baker Hughes, a GE company (BHGE), and will utilize mid-scale, modular, factory-fabricated liquefaction trains.
Venture Global LNG also announced it has selected Kiewit as the contractor to build its Calcasieu Pass LNG export plant. Kiewit will begin construction following receipt of all required regulatory approvals, including the final order from the U.S. Federal Energy Regulatory Commission (FERC).
Calcasieu Pass LNG previously executed binding 20-year off-take agreements with Shell, BP, Edison, Galp, Repsol and PGNiG.
Plaquemines LNG Export Facility
Venture Global LNG is also developing the 20 MTPA Plaquemines LNG export facility in Plaquemines Parish, La., which has executed its first binding 20-year off-take agreement with PGNiG.
Venture Global LNG said it expects to take formal final investment decisions on both its Calcasieu Pass and Plaquemines LNG projects this year.
About Venture Global LNG
A long-term, low-cost provider of LNG to be supplied from resource rich North American natural gas basins. Venture Global LNG’s liquefaction process system employs a highly efficient and reliable suite of products supplied by BHGE. Venture Global has raised $855 million of capital to-date to support the development of its projects. More can be found at www.venturegloballng.com.