US LNG export project developer Venture Global LNG has agreed with Stonepeak Infrastructure Partners for the latter to provide a $1.3 billion equity investment in the 10 million tonnes per annum (MTPA) Calcasieu Pass LNG export facility in Cameron Parish, Louisiana.
This brings total committed capital to fund the construction of Calcasieu Pass and the continued development of Venture Global’s 20 MTPA Plaquemines LNG and 20 MTPA Delta LNG facilities to $2.2 billion, Venture Global said in a statement on Tuesday.
Co-CEO Bob Pender said, “Calcasieu Pass is already significantly advanced in both site construction and module manufacturing, owing to the $855 million previously raised to date. We are finalizing the balance of our Calcasieu Pass financing with our consortium of project finance lenders, and we look forward to providing LNG to our global customers – Shell, BP, Edison S.p.A., Galp, Repsol and PGNiG – in 2022.”
The 10 MTPA nameplate Venture Global Calcasieu Pass facility will employ a process solution from Baker Hughes, a GE company (BHGE) that utilizes highly efficient mid-scale, modular, factory-fabricated liquefaction trains.
Kiewit is designing, engineering, constructing, commissioning, testing and guaranteeing the Calcasieu Pass facility, Venture Global said.
Calcasieu Pass has received all necessary permits, including FERC authorization and Non-FTA export authorization from the U.S. Department of Energy, and construction activities are ongoing with over $250 million spent on site preparation work, final engineering and equipment purchases and fabrication.
Venture Global expects to secure FERC and DOE authorizations for Plaquemines LNG in the third quarter of this year and commence construction shortly thereafter.
As part of the investment, Stonepeak Managing Director James Wyper will join the board of Calcasieu Pass.