Venture Global LNG has raised additional capital of $81.4 million in its sixth round of equity investment to capitalize its two proposed LNG export projects in south Louisiana. The recent offering, a private Reg. D transaction, brings the company’s aggregate funding total to $361 million, the company said in a statement.
Venture Global’s two Louisiana projects
The company has proposed two LNG export facilities: Venture Global Calcasieu Pass and Venture Global Plaquemines LNG.
The Plaquemines project is proposed for Plaquemines Parish, Louisiana, 20 miles south of the Port of New Orleans. Venture Global submitted the formal application requesting FERC’s authorization to site, construct and operate the Plaquemines LNG export terminal and the Gator Express pipeline system in March 2017.
Plaquemines LNG, when complete, will have a liquefaction plant consisting of 20 liquefaction blocks developed in two phases, each block having a nameplate capacity of 1 million metric tonnes per annum (MTPA) and consisting of two SMR liquefaction units. The project is designed to have four 200,000-cubic-meter LNG above-ground storage tanks with cryogenic pipeline connections to the liquefaction plant and berthing docks.
Additionally, the facility will include up to three marine loading berths for ocean-going ships capable of receiving LNG carriers up to 185,000 cubic meters in capacity and a utility dock on the Mississippi River to handle waterborne deliveries of equipment and material during both construction and project operations.
“This private placement represents the capital markets continued confidence in our ability to execute on our development of 30 million tons of LNG production. By 2021 we expect to launch commercial operations for Calcasieu Pass and deliver the lowest cost LNG from North America to the global market,” Venture Global LNG Co-CEOs Mike Sabel and Bob Pender said.
Venture Global’s Calcasieu Pass project in southwestern Louisiana’s Cameron Parish, 50 miles south of Lake Charles on the Gulf of Mexico, includes:
- A 1000-acre plot with a mile of water frontage
- Two ship loading berths for LNG vessels carrying a capacity of 185,000 cubic meters
- Two LNG storage tanks
- TransCameron Pipeline, a single 42-inch diameter, 23.5 mile long pipeline that will extend from interconnection points within the vicinity of Grand Cheniere Station in Cameron Parish, Louisiana
- An electrically driven, 720 MW combined cycle gas turbine power plant to power the facility
The U.S. first mover in LNG exporting was Cheniere Energy (ticker: LNG). Cheniere shipped its hundredth LNG cargo in April.
Several other proposed LNG export projects are in various stages of development in the U.S.
