LNG in World Markets: Venture Global Plaquemines LNG Gets $13.2 Billion from Banks

This current feature was extracted from the latest edition of Poten’s LNG in World Markets, a monthly service published on May 31, 2022.

Venture Global secured $13.2 billion of funding from 19 commercial banks on May 25 for its 13.33-MMt/y Plaquemines LNG export project in Louisiana. It is the largest ever project financing raised in a single phase for a US liquefaction scheme and the largest project financing transaction to close so far this year, globally. It is also the first US LNG project finance transaction to reach financial close since Venture Global obtained $5.8 billion of funding for its 10-MMt/y Calcasieu Pass LNG project in August 2019.

The 13 banks that provided funding financial close to Calcasieu Pass LNG are included in the Plaquemines LNG deal and they have been joined by six new lenders. The banks are from North America, Asia, and Europe (see table). Like Calcasieu Pass, the Plaquemines deal will be syndicated (sold down) to a wider group of lenders. This process normally takes a few months.