Venture Global LNG has closed the project financing for its $5.8 billion Calcasieu Pass LNG facility project and associated TransCameron pipeline in Cameron Parish, La.
The project received $1.3 billion in backing from Stonepeak Infrastructure Partners, as well as a number of major Asian, European and North American project finance banks.
The firm said the proceeds of the debt and equity financing will fully pay for the construction and commissioning of Calcasieu Pass, which has been under construction since February 2019. It is expected to begin operations in 2022.
"Our goal has always been to lower the cost of electricity by delivering clean, low-cost LNG to the world,” said Venture Global LNG co-CEOs Mike Sabel and Bob Pender in a joint statement. “The closing of our financing is the culmination of years of hard work.”
The 930-acre Calcasieu Pass project site is located where the Calcasieu Ship Channel meets the Gulf of Mexico, in the middle of one of the most active trading areas for natural gas in North America, according to Venture Global. The TransCameron Pipeline will be a single 42-inch diameter, 24-mile long pipeline that will extend from interconnection points near Grand Cheniere Station in Cameron Parish.
The construction also will include two ship-loading berths for LNG vessels transporting up to 185,000 cubic meters, two 200,000-cubic-meter full-containment LNG storage tanks, and an electric 611-megawatt combined cycle gas turbine power plant with an additional 25-megawatt gas-fired turbine.
The project has 20-year LNG sale and purchase agreements with Shell, BP, Edison S.p.A., Galp, Repsol and PGNiG. It has received all necessary permits, including FERC authorization and Non-FTA export authorization from the U.S. Department of Energy.
