The cash has come in for Venture Global LNG to get a jump-start on the Calcasieu Pass LNG export project.
Venture Global LNG Inc., which has already raised $635 million in equity capital, has entered into a $220 million bridge loan facility with Morgan Stanley Senior Funding Inc. and associated lenders.
Subject to a final agreement, regulatory approval and a formal FID, engineering work and site construction will begin on the company’s 10 million tonnes per annum Calcasieu Pass LNG export project in Cameron Parish. Late last week, the company announced Kiewit Louisiana Co. will design, engineer, construct, commission, test and guarantee the LNG export facility under the turnkey EPC contract.
The Final Order from the Federal Energy Regulatory Commission is expected no later than Jan. 22, 2019. The project received its final environmental impact statement from FERC in October of this year. Work on the complex should conclude in 2022.
The 10 million tpy Calcasieu Pass facility will employ a comprehensive process solution from GE Oil & Gas, using mid-scale, modular, factory-fabricated liquefaction trains. The project has executed binding 20-year offtake agreements with Shell, BP, Edison S.p.A., Galp, Repsol and PGNiG.
The company is also developing the 20 million tonnes per annum Plaquemines LNG export facility in Plaquemines Parish, which has its first binding 20-year offtake agreement with PGNiG. Venture Global LNG expects to take formal final investment decisions on both its Calcasieu Pass and Plaquemines LNG projects in 2019.