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Venture Global, Inc. has announced the successful closing of a $3.0 billion bank loan facility for its subsidiary, Venture Global CP2 LNG, LLC (CP2). This significant financial milestone will fuel the ongoing manufacturing, procurement, and engineering efforts for the CP2 liquefied natural gas (LNG) export facility, strategically located alongside the Calcasieu Ship Channel in Cameron Parish, Louisiana. The project, which commenced in early 2023, is inching closer to a final investment decision (FID), a process formally initiated by Venture Global in March.

This substantial bank loan follows closely on the heels of a recently announced $2.5 billion bond transaction for Venture Global鈥檚 Plaquemines project. This flurry of financial activity brings the company鈥檚 total capital markets transactions to an impressive $5.5 billion within the last two weeks.

According to Venture Global, the $3.0 billion CP2 Bank Loan garnered commitments from a robust syndicate of 19 leading international banks. This strong participation highlights the financial community's recognition of the CP2 project's significance and its potential to contribute to global energy markets.

The CP2 LNG facility is projected to have a peak production capacity of up to 28.0 million tonnes per annum (MTPA). Venture Global intends to utilize the net proceeds from the $3.0 billion CP2 Bank Loan to cover project costs and establish reserves for debt service, fees, and other expenses associated with the financing facility.

The borrowing obligations under the facility are backed by guarantees from Venture Global CP Express, LLC and CP2 Procurement, LLC, both affiliates of CP2. Furthermore, the loan facility is secured by a first-priority perfected security interest in substantially all assets and the membership interests of CP2 and its guarantors.

Mike Sabel, CEO of Venture Global, expressed his enthusiasm regarding this critical financing milestone. 鈥淰enture Global is proud to close this major financing for CP2, which is slated to receive its first two liquefaction trains 鈥� number 55 and 56 deployed by Venture Global 鈥� in the coming months,鈥� he stated. He further emphasized the impact of this new capital, stating that it, 鈥渙n top of the more than $4 billion we have already invested to date, will enable continued fabrication, manufacturing and procurement at an accelerated pace, similar to Plaquemines.鈥�

Sabel also underscored the strategic importance of the CP2 project for the United States and the global energy landscape. 鈥淭his strategically important project for the United States will quickly bring new American LNG supply to the global market, equalizing the balance of trade with other nations and supporting global energy security,鈥� he affirmed.