Independent global infrastructure investment manager I Squared Capital has invested $460 million in convertible equity securities in the US LNG project developer Venture Global LNG.
The investment is a part of a $675 million equity capital raise by Venture Global LNG made to contribute to the development of the company’s LNG export facilities on the Gulf Coast of the U.S.
Venture Global LNG co-CEOs Bob Pender and Mike Sabel jointly said, “This investment will support the development of our pipeline of opportunities along the Gulf Coast.”
I Squared Capital’s investment will be used for the further development of Venture Global LNG’s current projects, all of which will employ a comprehensive process solution from Baker Hughes, a GE company that utilizes highly efficient mid-scale, modular, factory-fabricated liquefaction trains.
In its earlier statement, Venture Global noted that the funds will be dedicated towards the 20 mtpa Plaquemines LNG export project in Plaquemines Parish, Louisiana.
The final order for Plaquemines LNG from the U.S. Federal Energy Regulatory Commission (FERC) is currently scheduled to be issued no later than August 1, 2019.