Venture Global Secures Record $15.1B Financing for CP2 LNG Project in Louisiana

Venture Global has officially reached a final investment decision (FID) and closed a record-breaking $15.1 billion project financing for the initial phase of its CP2 LNG terminal and associated CP Express Pipeline in Louisiana. The project is a historic landmark, representing the largest single-phase project finance ever witnessed in the history of the global energy sector.

This is Venture Global’s third major liquefied natural gas (LNG) development following Calcasieu Pass and Plaquemines LNG, the CP2 LNG project is in process. When commissioned, CP2 will have a production capacity of 28 million tonnes per year (MTPA). Venture Global is cemented as a world energy leader by this. Venture Global has 43.5 MTPA contracted LNG capacity with its other two projects.

CP2 Phase 1

CP2 Phase 1 is now fully financed through long-term purchase and sales agreements (SPAs) from European, Asian, and other international customers, which emphasizes the terminal’s strategic importance to global energy security.

“Project CP2 is the most advanced project ever presented to FID in our company’s history,” commented Venture Global CEO Mike Sabel. “We are proud to have capitalized on FID on our third greenfield LNG project within a span of fewer than six years,” stated Sabel. “This achievement is a testament to more than $80 billion in executed capital markets transactions and the hard work of our team. With CP2, we are well-positioned to start delivering reliable American LNG to international partners as early as 2027.”

What makes the project noteworthy is not only its scale but the faith in funding it. All $15.1 billion was raised using debt, without any outside injection of equity. It was backed by a limited number of foreign banks, which together committed more than $34 billion in pledges. More than double the minimum asked for.

The lending pool

The lending pool includes the leading institutions such as Bank of America, Goldman Sachs, J.P. Morgan, Deutsche Bank, Barclays, Santander, RBC, SMBC, Scotiabank, and Wells Fargo, among others. ING and Santander structured the Construction Term Loan and Working Capital Facility, whereas Bank of America and Scotiabank structured the Equity Bridge Loan. Venture Global had Latham & Watkins LLP as counsel and legal advisors, and the lenders had Skadden, Arps, Slate, Meagher & Flom LLP as counsel.

The CP2 LNG terminal is to be built on a 1,150-acre property beside the firm’s Calcasieu Pass LNG plant in Cameron Parish, Louisiana. Its marine terminal will be located on Monkey Island, near the Calcasieu Ship Channel. The CP Express Pipeline, which is connected to it, will transport natural gas from Jasper County, Texas, via Newton County and Calcasieu Parish and then into the LNG terminal.

With engineering far along and procurement already underway, CP2 is set to be a foundation block of U.S. LNG exports. The project is a demonstration of continuing world demand for American energy and positions Venture Global at the leading edge of the next wave of LNG development.

Venture Global Makes FID on CP2 LNG Project in Louisiana – Project Factsheet

Project Overview

Developer: Venture Global LNG

Location: Cameron Parish, Louisiana (1,150-acre site adjacent to Calcasieu Pass LNG)

Status: Final Investment Decision (FID) reached

Key Metrics

Production Capacity: 28 million tonnes per annum (MTPA)

Project Financing: $15.1 billion (largest single-phase project financing in global energy sector)

Financing Structure: 100% debt financing, no outside equity required

Bank Commitments: Over $34 billion offered (more than double required amount)

Expected Operations: Starting in 2027

Strategic Context

Third major LNG development for Venture Global (following Calcasieu Pass and Plaquemines LNG)

Combined portfolio capacity: 43.5 MTPA of contracted LNG capacity

Phase 1 fully backed by long-term sales and purchase agreements (SPAs)

Global buyer base across Europe, Asia, and other markets

Infrastructure Details

LNG Terminal:

Site: 1,150 acres next to existing Calcasieu Pass facility

Marine terminal: Monkey Island, near Calcasieu Ship Channel