NextDecade Corporation has secured up to $1.8 billion in new equity commitments from TotalEnergies and Global Infrastructure Partners (GIP) to advance Train 4 of its Rio Grande LNG export facility in Texas.
Under the agreement, TotalEnergies will invest about $300 million for a 10% stake in the Train 4 joint venture, while a GIP affiliate will contribute up to $1.5 billion for a 50% interest, which will fall to 30% once certain return thresholds are met. NextDecade, through its subsidiaries, will provide up to $1.2 billion for a 40% share, which could increase to 60% after GIP reaches agreed returns.
Train 4 will have a capacity of 5.4 million metric tons per annum (MTPA) and is awaiting a final order from the Federal Energy Regulatory Commission (FERC). The regulator has completed its environmental review, and staff recently recommended the project be approved.
Construction of Train 4 will be carried out under a $4.77 billion fixed-price, turnkey engineering, procurement, and construction (EPC) contract with Bechtel Energy Inc., awarded in June and valid through September 15, 2025. NextDecade is also developing Train 5, backed by a $4.32 billion EPC contract with Bechtel, and is working to secure additional long-term LNG sales to reach a final investment decision.
Once complete, the Rio Grande LNG facility will have 17.6 MTPA of capacity, with Trains 4 and 5 adding a further 10.8 MTPA, reinforcing the U.S. position as the world’s top LNG exporter.
Read also: Texas Approves $216M Loan for NRG’s 456 MW Natural Gas Plant in Houston
Rio Grande LNG Expansion Project Factsheet
Project Overview
Company: NextDecade Corporation
Project: Rio Grande LNG facility expansion with Trains 4 and 5
Location: Texas, United States
Total Facility Capacity: 17.6 million tonnes per annum (MTPA)
Additional Capacity from Expansion: 10.8 MTPA (Trains 4 & 5)
Read also: Enbridge Commits $900M to 600 MW Clear Fork Solar Project in Texas to Power Meta’s Data Center
Key Financial Commitments
Construction Contracts
Total EPC Contract Value: $9.09 billion with Bechtel Energy Inc.
Train 4: $4.77 billion (fixed-price, turnkey)
Train 5: $4.32 billion (fixed-price, turnkey)
Contract Price Lock: Until September 15, 2025
Additional Costs per Train: $1.8–$2.0 billion (owner’s costs, contingencies, financing)
New Equity Financing for Train 4
Total Equity Commitments: Up to $1.8 billion
TotalEnergies: $300 million for 10% stake
Global Infrastructure Partners (GIP): Up to $1.5 billion for 50% stake (reducible to 30%)
NextDecade: Up to $1.2 billion for 40% stake (expandable to 60%)
Commercial Agreements
Train 4
All capacity contracted under long-term agreements
Includes LNG supply deal with TotalEnergies
Train 5
JERA Contract: 20-year agreement for 2 million tonnes per year
Remaining Capacity: 2.5 million tonnes seeking additional buyers for financing support
Project Status & Timeline
Regulatory Approval
FERC Environmental Review: Completed for Train 4
Development Phase
Financing processes initiated for both trains
Target: Final investment decisions before September 15, 2025 contract deadline
Key Partners
EPC Contractor: Bechtel Energy Inc.
Major Investors: TotalEnergies, Global Infrastructure Partners
Commercial Partners: TotalEnergies, JERA
Regulatory Authority: Federal Energy Regulatory Commission (FERC)
Read also: Texas Approves First $105M Loan for Natural Gas Plant Under New Energy Fund
