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Venture Global announces FID on Calcasieu Pass LNG project
2019/08/19
Venture Global LNG announced the final investment decision (FID) and closing of the project financing for its Calcasieu Pass LNG facility and associated Trans-Cameron pipeline in Cameron Parish, Louisiana.
Venture Global LNG announced the final investment decision (FID) and closing of the project financing for its Calcasieu Pass LNG facility and associated Trans-Cameron pipeline in Cameron Parish, Louisiana.
“The proceeds of the debt and equity financing fully fund the balance of the construction and commissioning of Calcasieu Pass. Full site construction has been underway since February 2019, and the project is expected to reach its Commercial Operations Date (COD) in 2022.”
Stonepeak Infrastructure Partners provided a $1.3 billion equity investment for the project. The lender group for the company's $5.8 billion construction financing includes the world's leading Asian, European and North American project finance banks. The lenders who provided funding at closing are Banco Santander, Bank of America, Goldman Sachs, Industrial & Commercial Bank of China, ING Capital, JPMorgan Chase Bank, Mizuho Bank, Morgan Stanley Senior Funding, Natixis, Nomura Securities International, Royal Bank of Canada, Sumitomo Mitsui Banking and The Bank of Nova Scotia.
Morgan Stanley served as financial advisor to Venture Global for the transaction. Latham & Watkins LLP served as counsel to Venture Global and Skadden, Arps, Slate, Meagher & Flom LLP served as counsel to the lenders.
In other development, Baker Hughes, a GE company announced that it has won a contract and been granted notice to proceed on the construction of its comprehensive LNG technology solution for Calcasieu Pass project.
Under the terms of the contract, BHGE will provide an LNG liquefaction train system (LTS) with 18 modularised compression trains across nine blocks, for a total nameplate capacity of 10 MMT/Y of LNG. “The modularised system offers a ‘plug and play’ approach that allows for quicker installation, as well as lower construction and operational costs. These modules will be manufactured, assembled, tested and transported from BHGE’s facilities in Italy.”
BHGE added that it will also utilise advanced technologies from across its portfolio to deliver a comprehensive power island system (PIS), which includes power generation and electrical distribution equipment for the facility. “Equipment deliveries are expected to begin in the second half of 2020.”
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Source(s) GLNGI Staff, Venture Global LNG, BHGE