Venture Global reaches final investment decision for CP2 LNG project
Venture Global said it had reached a final investment decision and successfully closed the $15.1-B project financing for the first phase of the CP2 LNG export facility.
The CP2 project, which will be the single largest export facility of the superchilled gas in the U.S., is expected to have a peak capacity of 28 MMtpy of LNG and is set to deliver its first LNG in 2027.
Commercial activity has been gaining momentum within the sector in the U.S., the world's largest LNG exporter, after President Donald Trump lifted a moratorium on new LNG export permits soon after taking office in January.
Venture Global said the lender group for the construction financing includes Bank of America, Barclays and BayernLB, among other U.S., Europe and Asia-based banks.
Shares of the company rose 4.3% to $15.19 in afternoon trading following the announcement. The stock was also helped by the European Union pledging $750 billion worth of strategic purchases as part of a sweeping trade pact.
Venture Global said it now has a total contracted capacity of 43.5 MMtpy across all three of its projects in Louisiana.
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