US-based Venture Global LNG has made the final investment decision (FID) for the development of Phase 2 of the Plaquemines liquefied natural gas (LNG) export plant in Louisiana, after securing $7.8bn in financing.

The company has raised a total of nearly $21bn for the two phases of the Plaquemines export facility.

Being built in Plaquemines Parish, Louisiana, approximately 20 miles south of New Orleans, the Plaquemines LNG project is expected to have an export capacity of up to 20 million tonnes per annum (Mtpa).

Venture Global will use the proceeds of the debt and equity financing to fully fund the construction and commissioning of the second phase of the Plaquemines export facility.

Furthermore, KZJV, a joint venture between Zachry Group and KBR, has received notice to proceed from Venture Global to continue construction on Phase 2 of the Plaquemines LNG project.

The Plaquemines LNG project has secured all necessary permits, including FERC authorisation and non-FTA export authorisation from the US Department of Energy (DoE), Venture Global said.

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Venture Global LNG CEO Mike Sabel said: “Venture Global is proud to announce a positive FID for Phase 2 of Plaquemines LNG, less than ten months after sanctioning Phase 1.

“Our team will continue to deliver on our mission to bring more clean, low-cost US LNG to the global market in the coming years to support the world’s rapidly growing demand for energy.”

The Plaquemines LNG Phase 2 project will serve customers, including Excelerate Energy, Chevron, ExxonMobil, EnBW, China Gas, New Fortress Energy, and Petronas.

Venture Global is also undertaking marketing work for its proposed CP2 natural gas liquefaction export terminal.