US firm Venture Global LNG has secured a US$500 million (€413.1 million) loan with several leading banks to fund development at its Plaquemines LNG export project in Louisiana, US.
The loan, from JPMorgan Chase Bank, Morgan Stanley Senior Funding, Mizuho Bank, and Bank of America, will be used to fund pre-final investment decision construction at the Plaquemines site and general corporate purposes. The loan was originally to have been US$400 million, but was increased due to lender interest.
Venture Global first announced plans for the Plaquemines LNG project in April 2019. The site is on the Mississippi River with deepwater access, and will have an export capacity when complete of 20 million tpa. It has already received export authorisation from the US Department of Energy and final approval from the US Federal Energy Regulatory Commission (FERC). The project has contracted 3.5 million tpa of the 10 million tpa first phase under binding 20-year offtake agreements. The site is scheduled to begin operations in 2024.