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In January this year, XRG announced that it would increase its overall participation in Rio Grande LNG by acquiring an additional 7.6 percent equity interest in Trains 4 and 5 from an acquisition vehicle of Global Infrastructure Partners (GIP), a part of BlackRock.
XRG announced the completion of the transaction in a statement on Thursday, saying that the transaction received all customary regulatory approvals, including clearance from the Committee on Foreign Investment in the United States (CFIUS).
The transaction builds on XRG’s initial investment in Rio Grande LNG, through which the company acquired an indirect 11.7 percent stake in Phase 1 of the project (Trains 1–3), also through GIP.
Additionally, as part of that transaction, Adnoc Trading entered into a 20-year LNG offtake agreement for 1.9 mtpa from Train 4.
By completing this transaction, XRG strengthens its strategic presence in the US LNG sector, consistent with its strategy to build a top-tier global gas portfolio, with North America a core growth region, the firm said.
“The United States is a strategic region for XRG, supported by abundant resources, rising power demand, AI-led infrastructure growth, reindustrialization, industrial expansion, and a favorable investment environment,” the company said.
In July 2023, NextDecade took the final investment decision on the first three Rio Grande LNG trains.
In September and October last year, NextDecade made the final investment decisions on the fourth and fifth trains at its Rio Grande LNG facility.
This brings the total expected LNG production capacity under construction at Rio Grande LNG to approximately 30 mtpa.
NextDecade expects the facility to receive first gas by the end of this year and start shipping LNG produced at the first train in the first half of 2027.
In addition, NextDecade is seeking approval from FERC to build and operate the sixth Rio Grande liquefaction train and an additional marine berth.