Venture Global LNG has raised another $108.6 million in a private placement, bringing total funding to $470 million as the company develops two LNG export terminals in Louisiana.
The seventh round of equity investment comes after Venture Global Calcasieu Pass LLC became the first U.S. developer this year to announce a binding 20-year contract for LNG.
"Following the recent execution of our binding 20-year sales and purchase agreement (SPA) with [Edison SpA], as well as our previous binding 20-year SPA with Shell North America LNG, this private placement gives our buyers high confidence in our ability to deliver the lowest cost LNG from North America to the global market," Venture Global co-CEO Bob Pender said in an Oct. 16 news release.
Venture Global recently altered part of the design of its Calcasieu Pass project after federal agencies told the developer that its plans for an LNG storage tank may not meet safety regulations. The Calcasieu Pass terminal is now being developed to include a full LNG containment tank, which the U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration said in an Oct. 4 letter to the Federal Energy Regulatory Commission complies with safety regulations.
Both the Calcasieu Pass project and Venture Global's Plaquemines liquefaction and export terminal would use modular units to cool natural gas to a liquid. The $4.5 billion Calcasieu Pass facility would be built in southwestern Louisiana's Cameron Parish and would consist of nine blocks, each containing two 0.56 million-tonne-per-annum liquefaction trains. The Plaquemines project, estimated to cost $8.5 billion, would be built near the Port of New Orleans and would produce 20 mtpa. (FERC dockets CP15-550, CP17-66)