Venture Global takes FID on second CP2 LNG phase

When combined with the Phase One financing for CP2 announced July 2025, this milestone represents the largest standalone project financing in the US bank market, Venture Global claims.

The transaction garnered “enormous interest” from the world’s leading banks, resulting in over $19 billion of commitments for Phase Two in addition to the previous $34 billion of commitments for Phase One, and required no outside equity investment, it said.

Venture Global said the lender group for the construction financing is comprised of the world’s leading banks, signaling “significant demand for US LNG investment not only in the United States but also in Europe and Asia.”

The lender group includes: Banco Santander, Bank of America, Bank of China, Barclays, CaixaBank, Canadian Imperial Bank of Commerce, Deutsche Bank, Goldman Sachs, and others.

CP2 will have a peak production capacity of 29 mtpa and has contracted to sell nearly all of its nameplate capacity on a long-term basis with customers predominantly located in Europe and Asia.

According to Venture Global, it now has a total contracted capacity of over 49 mtpa, or nearly all of its nameplate capacity, across all three of its projects in Louisiana.

“We are extremely proud to have taken FID on the second phase of CP2, our third greenfield project, bringing Venture Global’s executed capital markets transactions to more than $95 billion,” said Venture Global CEO Mike Sabel.

“The tireless dedication of our team has enabled us to reach five final investment decisions in less than seven years, positioning us to become the largest U.S. exporter of LNG once CP2 is fully online,” Sabel said.

Further capacity boost

Sabel said recently during the company’s earnings call that Venture Global expects to make FID on the second phase in the first half of this year.

Venture Global took FID on the first phase of its CP2 LNG project in July last year. First LNG from this phase is expected in late 2027.

The CP2 LNG plant site is situated adjacent to Venture Global’s existing Calcasieu Pass liquefaction plant in Louisiana, which commenced commercial operations in April last year.

Phase One has a nameplate capacity of 14.4 mtpa, but following improvements, Venture believes the peak run rate production level of Phase 1 should be closer to 20 mtpa.

Including Phase two, the 36 factory-built liquefaction trains from both phases should be capable of production of 29 mtpa once completed and commissioned.

However, Venture Global expects to be able to add approximately 13 mtpa of bolt-on capacity at both CP2 and its Plaquemines LNG plant.

“The bolt-ons at CP2 and Plaquemines are straightforward liquefaction train and gas turbine additions that should add around 6.4 mtpa each,” Sabel said during the call.

“The additions leverage the benefits of our modular approach, resulting in what we expect to be much lower cost and much shorter construction timelines,” Sabel said.

Venture is targeting FID for the CP2 bolt-on in early 2027 and for the Plaqumines bolt-on in mid-2027.