Venture Global takes final investment decision on Calcasieu Pass LNG in US
August 23, 2019 – LNG supplier Venture Global LNG has announced final investment decision and financial close for its Calcasieu Pass LNG facility and associated TransCameron pipeline to be located in Cameron Parish, south of the city of Lake Charles, Louisiana.
Commercial operations at the site are expected to begin in 2022.
The lender group for Venture Global LNG’s $5.8bn (£4.7bn) construction financing includes Banco Santander, Bank of America, Goldman Sachs Bank USA, Industrial & Commercial Bank of China, ING Capital, JPMorgan Chase Bank, Mizuho Bank, Morgan Stanley Senior Funding, Natixis, Nomura Securities International, Royal Bank of Canada, Sumitomo Mitsui Banking and The Bank of Nova Scotia.
Stonepeak Infrastructure Partners has provided $1.3bn (£1bn) in equity investment for the project.
Calcasieu Pass facility has received all permits such as FERC authorisation and Non-FTA export authorisation from the US Department of Energy.
Located on 930 acres, with more than a mile of deep-water frontage, the facility will include an LNG production and export facility with nine 1.2 million tonne liquefaction blocks and two 200,000m³ full containment LNG storage tanks.
The facility will have two ship-loading berths for LNG vessels with a capacity of 185,000m³. The TransCameron Pipeline will be a single 42-inch diameter, 24-mile pipeline which will extend from interconnection points from Grand Cheniere Station in Cameron Parish, Louisiana.
Its marine terminal will also accommodate carriers up to 185,000m³ in capacity and will include a lateral pipeline interconnecting with major interstate and intrastate natural gas pipelines.
The facility is electrically driven and will be powered by a 611MW combined cycle gas turbine power plant with an additional 25MW gas-fired turbine.
The company has secured 20-year LNG sale and purchase agreements with Shell, BP, Edison, Galp, Repsol and PGNiG.
Venture Global is also developing the 20MTPA Plaquemines LNG project and the 20MTPA Delta LNG project, both in Plaquemines Parish, Louisiana.
Venture Global LNG co-CEOs Mike Sabel and Bob Pender jointly said: “Our goal has always been to lower the cost of electricity by delivering clean, low-cost LNG to the world.
“The closing of our financing is the culmination of years of hard work, and we want to sincerely thank our Venture Global team, our construction partners, our foundation customers, our lenders and advisors, Cameron Parish and our local partners in Louisiana.”