$1.3B equity investment planned for Calcasieu Pass


Venture Global LNG and Stonepeak Infrastructure Partners have executed definitive agreements under which Stonepeak will exclusively provide a $1.3 billion equity investment in Venture Global’s 10 million tons per year Calcasieu Pass LNG export facility in Cameron Parish.

As part of the deal announced last week, Stonepeak Managing Director James Wyper will join the board of Calcasieu Pass.

The agreement brings total committed capital to fund the construction of Calcasieu Pass and the continued development of Venture Global’s 20 million tons per year Plaquemines LNG and 20 million tons per year Delta LNG facilities to $2.2 billion.

Calcasieu Pass is already significantly advanced in both site construction and module manufacturing, given the $855 million previously raised to date. Venture Global LNG is finalizing the balance of its financing with a consortium of project finance lenders and already has global customers: Shell, BP, Edison S.p.A., Galp, Repsol and PGNiG. Production is expected to begin in 2022.

The 10 million tons per year nameplate Venture Global Calcasieu Pass facility will employ a comprehensive process solution from Baker Hughes that utilizes highly efficient midscale, modular, factory-fabricated liquefaction trains. Kiewit is designing, engineering, constructing, commissioning, testing and guaranteeing the Calcasieu Pass facility.

The facility has received all necessary permits, including FERC authorization and non-free trade agreement export authorization from the U.S. Department of Energy, and construction activities are ongoing, with more than $250 million spent on site preparation work, final engineering and equipment purchases and fabrication.

The project site is secured under exclusive agreements for up to a 70-year term.

Venture Global expects to secure FERC and DOE authorizations for Plaquemines LNG in the third quarter of this year and begin construction shortly thereafter.

Read the full announcement.