Venture Global LNG reported on March 2 that construction of CP2 Phase 1 is progressing on schedule and within budget, with first LNG production expected in late 2027. The company highlighted that Phase 1 continues under existing financing and long-term sales agreements, while preparations for a final investment decision on Phase II remain on track for the first half of 2026.

Venture Global is advancing Phase 2 of the CP2 project, with the company targeting a final investment decision in the first half of 2026. Preparatory work is underway to secure financing, long-term sales agreements, and necessary permits, setting the stage for the next phase of LNG development on the U.S. Gulf Coast.

On July 28, 2025, Venture Global 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, 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.

At the time of the Phase 1 final investment decision in July 2025, Venture Global CEO Mike Sabel said, “Project CP2 is the most advanced project ever presented to FID in our company’s history. We are proud to have capitalized on FID on our third greenfield LNG project within a span of fewer than six years. 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.

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The lending pool

The lending consortium for CP2 Phase 1 includes major institutions such as Bank of America, Goldman Sachs, J.P. Morgan, Deutsche Bank, Barclays, Santander, RBC, SMBC, Scotiabank, and Wells Fargo. ING and Santander structured the Construction Term Loan and Working Capital Facility, while Bank of America and Scotiabank arranged the Equity Bridge Loan. Venture Global was advised by Latham & Watkins LLP, and the lenders were represented by Skadden, Arps, Slate, Meagher & Flom LLP.

The CP2 LNG terminal is being 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 and procurement well underway and construction progressing on schedule, CP2 Phase 1 is poised to add significant LNG export capacity from the U.S. Gulf Coast. The project has secured long‑term contracts and export authorizations that reflect strong global demand for U.S. LNG, positioning Venture Global as a key player in expanding American LNG supply.

Venture Global’s CP2 project is part of a new wave of record-breaking LNG investments worldwide. In Mexico’s Gulf of California, Drydocks World is leading the construction of the world’s largest floating LNG facility with a 4.2 million tonnes per year capacity. Both developments highlight how the LNG sector is diversifying — with the U.S. scaling land-based megaprojects, while other regions push floating solutions to shorten routes and reduce costs.

Additionally, Louisiana continues to attract significant industrial investment across both energy and manufacturing sectors. While Venture Global advances its CP2 Phase 1 LNG export project in Plaquemines Parish, other companies are also committing billions to expand chemical production in the state. In Iberville Parish, Shintech Louisiana, LLC announced a $3.4 billion expansion of its PVC and chemical manufacturing facility, underscoring the state’s role as a strategic hub for both energy and advanced manufacturing projects. Together, these developments illustrate Louisiana’s ability to support complex, capital-intensive operations with robust infrastructure, skilled labor, and favorable economic incentives.

Venture Global CP2 LNG Project Phase 1 – 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