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Venture Global closes US$2.5Bn offering on Plaquemines LNG
Closure of the funding round comes shortly after the company began commercial operations at its Calcasieu Pass LNG export project
Venture Global LNG subsidiary Venture Global Plaquemines LNG has closed an offering of US$2.50Bn in senior secured notes to fund further development of an LNG liquefaction and export facility in Plaquemines Parish, Louisiana, approximately 32 km south of New Orleans.
Once complete, Plaquemines LNG is expected to have an export capacity of at least 20M tonnes per year (mta).
The funds for the project were issued in two rounds. The first series of 7.50% senior secured notes comes due for repayent in 2033 in an aggregate principal amount of US$1.25Bn. The second series of 7.75% senior secured notes comes due for repayment in 2035 in an aggregate principal amount of US$1.25Bn. The 2033 Notes will mature on 1 May 2033 and the 2035 Notes will mature on 1 May 2035, according to Venture Global LNG.
Venture Global said its subsidiary intends to use the net proceeds from the offering to "prepay certain amounts outstanding under VGPL’s existing senior secured first lien credit facilities and pay fees and expenses in connection with the offering".
In December 2024, Venture Global LNG announced the successful loading and departure of the first LNG cargo produced from the company’s Plaquemines LNG facility. The inaugural commissioning cargo was loaded onto Venture Global Bayou – one vessel in Venture Global’s fleet of new LNG carriers – and was shipped to ENBW in Germany, marking over 60 LNG cargoes sent from Venture Global into Germany since 2022, according to the company.
Also in December 2024, Venture Global LNG said it would contest a US Federal Energy Regulatory Commission (FERC) withdrawal of authorisation for the company’s LNG export facility in Louisiana. The FERC argued a further environmental review would be necessary to authorise the facility, stemming from a mandate for reassessment that cited concerns over air quality impacts.
The move came in the wake of a 6 August 2024 ruling by the US Court of Appeals for the District of Columbia Circuit. The court overturned FERC’s approval of NextDecade’s Rio Grande LNG project at the Port of Brownsville, Texas, requiring a revised environmental impact statement and a public comment period.
On 23 January, 2025, after President Donald Trump was inaugurated and revoked a President Joe Biden-imposed Executive Order 12898, NextDecade submitted a filing with the court claiming the issues the court based its decision on were no longer applicable. The US Federal Energy Regulatory Committee (FERC) also filed a letter with the court stating that “regulatory processes adhere to only the relevant legislated requirements for environmental considerations".
On 18 March, 2025, the US Court of Appeals for the DC Circuit issued a revision to its August 2024 judgment, remanding without vacatur FERC’s order for the first five liquefaction trains at the Rio Grande LNG facility.
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