Venture Global Secures $15.1 Billion Financing for CP2 LNG Project, Reaches FID
Venture Global, Inc. (NYSE: VG) has officially reached the Final Investment Decision (FID) and successfully closed $15.1 billion in project financing for Phase 1 of its CP2 LNG (CP2) project and the accompanying CP Express Pipeline. This milestone marks the largest single-project financing ever completed in the energy sector and is second only to Venture Global’s own Plaquemines LNG financing in terms of total project value.
The financing package, which attracted over $34 billion in commitments from top-tier global banks, was finalized without requiring any external equity investment. This unprecedented level of interest underscores the global appetite for U.S. liquefied natural gas (LNG) projects and the strategic importance of CP2 to the future of global energy markets.
“We are extremely proud to have taken FID on our third greenfield LNG project in under six years, representing over $80 billion in capital markets transactions executed to date,” said Mike Sabel, CEO of Venture Global. “This achievement is a testament to the dedication, vision, and execution of our entire team. CP2 is our most advanced project to reach FID, and it positions Venture Global to continue delivering reliable, low-cost American LNG to global markets starting in 2027.”
CP2: A Strategic Global Energy Asset
The CP2 LNG facility will have a peak production capacity of 28 million tonnes per annum (MTPA) upon full buildout. The initial phase of the project has already secured long-term Sales and Purchase Agreements (SPAs) with customers spanning Europe, Asia, and other global regions. As such, CP2 is expected to play a vital role in bolstering energy security worldwide.
With the addition of CP2’s contracted volumes, Venture Global now boasts a total contracted LNG export capacity of 43.5 MTPA across its Louisiana-based portfolio, which includes Calcasieu Pass and Plaquemines LNG. These projects collectively form one of the most significant LNG platforms in the world, capable of delivering flexible and competitive energy supply to international buyers.
Unprecedented Financial Backing from Leading Global Banks
The project financing for CP2’s first phase is backed by an extensive consortium of global financial institutions, reflecting robust investor confidence in U.S. LNG infrastructure. The lender group comprises major players from North America, Europe, and Asia, including:
- North American and Global Banks: Bank of America, Goldman Sachs, J.P. Morgan, Wells Fargo, Raymond James, Scotiabank, RBC, CIBC, Regions Bank, Flagstar, Truist
- European and International Lenders: Barclays, Deutsche Bank, ING, BBVA, Santander, BayernLB, Helaba, ICBC, Intesa Sanpaolo, MUFG, Mizuho, Natixis, NBC, NordLB, LBBW, SMBC, Standard Chartered, and FirstBank
This wide-ranging participation highlights strong international support for Venture Global’s business model and the geopolitical relevance of LNG in today’s shifting energy landscape.
Lead Arrangers and Legal Counsel
The financial structuring of the CP2 Phase 1 package was led by:
- ING and Santander, who acted as Lead Arrangers for the Construction Term Loan and Working Capital Facility.
- Bank of America and Scotiabank, who served as Lead Arrangers for the Equity Bridge Loan.
On the legal front, Latham & Watkins LLP served as counsel to Venture Global, while Skadden, Arps, Slate, Meagher & Flom LLP represented the lending consortium across all facilities.
A Transformative LNG Platform
The CP2 LNG project strengthens Venture Global’s position as a major U.S. exporter of natural gas and expands its role in helping meet global decarbonization goals by enabling coal-to-gas switching and supporting the energy transition.
Phase 1 of CP2 alone represents a massive addition to U.S. LNG capacity, and the fully integrated CP Express Pipeline will ensure reliable delivery of feed gas to the facility. Venture Global’s execution strategy leverages modular construction, allowing faster deployment and cost efficiencies, which have become a signature of its previous LNG developments.
With FID now secured and construction financing in place, Venture Global is poised to move quickly into the development and construction phase of CP2, with operations slated to begin in 2027. The project’s advanced stage of engineering and early site work has positioned it to achieve early completion benchmarks similar to those reached at Calcasieu Pass.
Building on Proven Success
Venture Global’s rapid project execution and capital market success have set it apart in the LNG sector. The company has taken three greenfield LNG projects to FID in less than six years—a rare accomplishment in the industry. Across its portfolio, Venture Global has now raised over $80 billion in capital through a combination of equity and debt instruments.
Its flagship Calcasieu Pass LNG facility began operations in record time, delivering first LNG just 29 months after FID—an achievement that has bolstered confidence in the company’s ability to execute complex, capital-intensive projects on time and on budget. The Plaquemines LNG facility, currently under construction, is similarly progressing on schedule with phased commissioning already underway.
A Bold Vision for 2027 and Beyond
The CP2 project reflects not only Venture Global’s bold vision for the LNG future but also growing recognition that U.S. LNG is a crucial component of global energy diversification and security. As geopolitical tensions and supply disruptions continue to affect energy markets, the ability of U.S. producers to offer long-term, competitively priced, and flexible LNG is more valuable than ever.
Venture Global’s fully integrated model—spanning upstream gas sourcing, pipeline infrastructure, and LNG export terminals—gives the company a unique advantage in terms of reliability, scalability, and cost competitiveness.
