ARLINGTON, Virginia, Aug. 16, 2018 /PRNewswire/ -- Venture Global LNG, Inc. announces that it has raised additional private capital of approximately $160 million from large institutional investors. The company has now raised a total of $630 million to support the development of its projects.
The transaction proceeds will fund Venture Global LNG's continued development activities for its proposed LNG export facilities in Louisiana. The company is developing both the 10 MTPA Calcasieu Pass facility on the Gulf of Mexico and the 20 MTPA Plaquemines LNG facility on the Mississippi River using a highly efficient, mid-scale liquefaction technology provided by its strategic partner GE Oil & Gas, LLC, part of Baker Hughes, a GE company (BHGE).
In response to the capital raise, Co-CEO Mike Sabel stated, "Both new and existing investors recognize our quality execution as we continue signing binding 20-year agreements for the purchase of LNG from our Calcasieu Pass and Plaquemines projects. Our growing list of world-class partners, which includes Shell, BP, Edison S.p.A., Galp, and PGNiG, among others, can feel confident in our ability to deliver the lowest cost LNG from North America."
Co-CEO Bob Pender added, "Following receipt of the Draft Environmental Impact Statement for our Calcasieu Pass project in June, we are preparing for our FERC authorization and the commencement of construction in early 2019. The contracting momentum for our Plaquemines project continues to grow, and we expect to announce additional milestones in the near term."
About Venture Global LNG
Venture Global LNG is a long-term, low-cost provider of LNG to be supplied from resource rich North American natural gas basins. Venture Global LNG's liquefaction process system will employ a highly efficient and reliable suite of products supplied by GE Oil & Gas, LLC, part of Baker Hughes, a GE company (BHGE). Venture Global LNG is developing both the 10 MTPA Venture Global Calcasieu Pass facility (on an approximately 1,000-acre site located at the intersection of the Calcasieu Ship Channel and the Gulf of Mexico) and the 20 MTPA Venture Global Plaquemines LNG facility (on an approximately 630-acre site in Plaquemines Parish, Louisiana, 30 miles south of New Orleans on the Mississippi River). Venture Global has raised $630 million of capital to-date to support the development of its projects. More can be found at www.venturegloballng.com.
SOURCE Venture Global LNG