Arlington, Virginia-based Venture Global LNG announced a final investment decision (FID) for phase two of the Plaquemines LNG facility as well as closing $7.8 billion in project financing.

The total investment, including $13.2 billion for phase one, is approximately $21 billion, the largest LNG project financing ever done, the company announced in a March 13 press release.

“Venture Global is proud to announce a positive final investment decision for phase two of Plaquemines LNG, less than 10 months after sanctioning phase one,” Venture Global CEO Mike Sabel said in the release.

Plaquemines LNG phase two is the first U.S. project to take FID in 2023 and the project is expected to be the next new LNG capacity in North America. Russia’s invasion of Ukraine in February of 2022 has led to an increase in demand for U.S. LNG in Europe amid reduced energy flows of natural gas and other energy sources from Russia.

Proceeds from debt and equity financing will fully fund the balance of construction and commissioning of phase two of the 20 million tonnes per annum nameplate capacity project.

Venture Global also issued a full notice to proceed to KZJV to continue with construction of phase two of the Plaquemines LNG facility, which will be located 20 miles south of New Orleans. The facility has all the necessary permits, including Federal Energy Regulatory Commission authorization and non-free trade agreement export authorization from the U.S. Department of Energy.

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Customers in phase two of Plaquemines LNG include Exxon Mobil, Chevron, EnBW, New Fortress Energy, China Gas, PETRONAS and Excelerate Energy.

Additionally, marketing is actively underway for the company’s third facility, CP2 LNG. Sales and purchase agreements have already been signed with Exxon Mobil, Chevron, EnBW, INPEX, China Gas and New Fortress.