Ventrue Global said on Monday that the transaction garnered “enormous” interest from the world’s leading banks, resulting in over $34 billion of commitments, and required no outside equity investment.
According to the company, the lender group for the construction financing is comprised of the world’s leading banks, signaling significant demand for US LNG investment not only in the US but also in Europe and Asia.
The lender group includes: Bank of America, Barclays, Bayern LB, BBVA, CIBC, Deutsche Bank, FirstBank, Flagstar, Goldman Sachs, Helaba, ICBC, ING, Intesa, J.P. Morgan, LBBW, Mizuho, MUFG, Natixis, NBC, Nord LB, Raymond James, RBC, Regions, Santander, Scotiabank, SMBC, Standard Chartered, Truist, and Wells Fargo.
CP2 will have a peak production capacity of 28 mtpa, including both phases.
Moreover, phase 1 has contracted long-term SPAs with customers in Europe, Asia, and the rest of the world.
Venture Global now has a total contracted capacity of 43.5 mtpa across all three of its projects in Louisiana.
“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,” said Venture Global CEO Mike Sabel.
“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,” he said.
CP2 LNG
Most recently, Venture Global signed a 20-year LNG supply contract with Italian energy firm Eni for volumes from the CP2 project.
Under the terms of the SPA, Eni will purchase 2 mtpa of LNG from the first phase of Venture Global’s third facility, CP2 LNG, for 20 years.
Venture Global also signed a 20-year LNG supply contract with German gas importer Securing Energy for Europe (SEFE) for volumes from the CP2 project.
Under the deal, SEFE’s subsidiary, SEFE Energy, will purchase an additional 0.75 mtpa of LNG from CP2 LNG for 20 years.
This amends the existing sales and purchase agreement signed by the companies in 2023, increasing the total volume of LNG purchased by SEFE from CP2 LNG to 3 mtpa.
Prior to this contract with SEFE, Venture Global signed a 20-year LNG supply contract with Malaysian energy giant Petronas.
Under the terms of this SPA, Petronas will purchase 1 mtpa of LNG from CP2 LNG for 20 years.
In March, Venture Global announced it had launched the formal FID process for CP2 LNG.
Moreover, Venture Global recently initiated full mobilization and started site work at the company’s third LNG export facility.
The launch of the site work came shortly after CP2 received final approval and notices to proceed from the US FERC, and weeks after receiving its non-FTA export authorization from the US DOE.
The CP2 LNG plant site is situated adjacent to Venture Global’s existing Calcasieu Pass liquefaction plant in Louisiana, which commenced commercial operations in April.
Venture Global previously said that it estimates the total project costs for the CP2 project, including both phases, will range from about $27 billion to $28 billion.
