US LNG export project secures US$13.2Bn in funding

摘要

In a clear sign of confidence in the LNG market outlook, 19 commercial banks are backing Venture Global LNG's Plaquemines LNG export project with US$13.2Bn in funding. Disclosed in May, the deal for the 13.33 mta American LNG export facility 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, according to Poten & Partners. This is the first US LNG project finance transaction to reach financial close since Venture Global obtained US$5.8Bn of funding for its 10-mta Calcasieu Pass LNG project in August 2019. Calcasieu Pass LNG loaded its first LNG cargo on the Maran Gas-owned Yiannis under a charter with JERA earlier this year. "Calcasieu Pass now holds the global record for the fastest large-scale greenfield LNG facility to ever be built, moving from FID to LNG production in just 29 months. It is also one of the first greenfield LNG export projects to ever be constructed in the United States," said Venture Global LNG in a press statement. Poten & Partners says the 19 commercial banks involved in the Plaquemines LNG deal included the 13 banks that provided funding to Calcasieu Pass LNG. Additionally, Plaquemines LNG project was able to secure more attractive financial terms than Calcasieu Pass LNG because it was Venture Global's "second project, so it is a bit de-risked in terms of construction," said one banker, noting that lack of a track record had been a concern for some lenders for the first project.