NextDecade to raise $85 million via private placement

NextDecade, the developer of the 27 mtpa Rio Grande LNG export plant in Texas, has launched an $85 million private placement as it looks to take a final investment decision on the project’s first three liquefaction trains.

The Houston-based firm said in a statement it would sell $85 million of common stock at $5.50 per share to 10 institutional investors.

NextDecade expects the private placement to close on September 19, 2022, subject to the satisfaction of customary closing conditions.

It plans to use the proceeds from the private placement to “continue development activity in preparation for its anticipated positive final investment decision on the first three trains at its Rio Grande LNG project.”

NextDecade previously said it anticipates making a positive FID on up to three trains of the Rio Grande LNG export project in the second half of 2022, with FIDs of its remaining trains to follow thereafter.

The firm signed several LNG supply deals this year, including the most recent deal with ExxonMobil.

Prior to this contract, NextDecade signed contracts with China’s Guangdong EnergyChina GasENN, and France’s Engie.

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