Venture Global LNG Inc. has announced that it has raised additional private capital of approximately US$160 million from large institutional investors.
The company has now raised a total of US$630 million to support the development of its projects.
The transaction proceeds will fund Venture Global LNG’s continued development activities for its proposed LNG export facilities in Louisiana, US. The company is developing both the 10 million tpy Calcasieu Pass facility on the Gulf of Mexico and the 20 million tpy Plaquemines LNG facility on the Mississippi River using a highly efficient, mid-scale liquefaction technology provided by its strategic partner GE Oil & Gas LLC, part of Baker Hughes, a GE company (BHGE).
In response to the capital raise, Co-CEO Mike Sabel said: “Both new and existing investors recognise our quality execution as we continue signing binding 20-year agreements for the purchase of LNG from our Calcasieu Pass and Plaquemines projects. Our growing list of world-class partners, which includes Shell, BP, Edison S.p.A., Galp, and PGNiG, among others, can feel confident in our ability to deliver the lowest cost LNG from North America.”
Co-CEO Bob Pender added: Following receipt of the Draft Environmental Impact Statement for our Calcasieu Pass project in June, we are preparing for our FERC authorisation and the commencement of construction in early 2019. The contracting momentum for our Plaquemines project continues to grow, and we expect to announce additional milestones in the near term.”
Read the article online at: https://www.tanksterminals.com/terminals/20082018/venture-global-raises-capital/