Venture Global’s subsidiary, Venture Global CP2 LNG, has secured a $3bn bank loan facility from 19 banks to finance the ongoing manufacturing, procurement and engineering of its CP2 LNG export facility in Louisiana, US.

The bank loan will be used to cover various project costs and fund reserves for debt service, fees and other expenses for the project.

Located along the Calcasieu Ship Channel in Cameron Parish, the development of the LNG export facility began in early 2023.

Venture Global received non-free trade agreement export authorisation from the US Department of Energy for the CP2 LNG project in March.

The project has a projected peak production capacity of up to 28 million tonnes per annum.

The loan is backed by guarantees from Venture Global CP Express and CP2 Procurement, both affiliates of CP2. These guarantees are secured by a first-priority perfected security interest in nearly all assets of CP2 and the guarantors.

Venture Global CEO Mike Sabel said: “Venture Global is proud to close this major financing for CP2, which is slated to receive its first two liquefaction trains – number 55 and 56 deployed by Venture Global – in the coming months.

“This new capital, on top of the more than $4bn we have already invested to date, will enable continued fabrication, manufacturing and procurement at an accelerated pace, similar to Plaquemines.

“This strategically important project for the US will quickly bring new American LNG supply to the global market, equalising the balance of trade with other nations and supporting global energy security.”

SMBC has taken a leading role in the arrangement of the facility, acting as left lead arranger and sole bookrunner, and will continue as administrative agent.

Caixabank and LBBW have been appointed as the right lead arrangers, with several other prominent banks including Bank of America and J.P. Morgan acting as coordinating lead arrangers.

Additionally, Venture Global recently commenced commercial operations at its Calcasieu Pass LNG export project, which is also located in Cameron Parish, Louisiana.