Washington, D.C.-based Venture Global LNG has now raised $265 million for its two planned liquefied natural gas facilities in Louisiana. The firm announced this morning that the total was recently boosted by the influx of $55 million from investors during its fourth round of equity investment fundraising.
The firm plans to develop an LNG facility on roughly 1,000 acres at the intersection of Calcasieu Ship Channel and the Gulf of Mexico in Cameron Parish. It also plans to develop an LNG facility on 630 acres along the Mississippi River in Plaquemine Parish, far outside of Louisiana’s traditional LNG hub around Lake Charles.
Venture Global expects to begin construction on the Calcasieu Pass facility in the fourth quarter of 2016 and on the Plaquemines LNG facility in the second quarter of 2017.
In a prepared statement, Venture Global’s co-CEOs Bob Pender and Michael Sabel say they believe the latest financing is an affirmation that investors recognize the firm’s continued execution of significant project milestones and that it has a competitive advantage to be a low-cost provider of LNG.
Former Gov. Bobby Jindal and Venture Global LNG officials announced plans to build the $4.25 billion liquefaction processing complex and LNG export terminal in Cameron Parish in 2014. At the time, Louisiana Economic Development estimated construction of the facility would create 1,500 jobs, the plant would have 100 new jobs and 326 indirect jobs.Â
