Height Securities has announced the successful closing of a fourth round of equity financing for Venture Global LNG, bringing the total capital raised to over US$265 million.
The proceeds from the equity financing will be used to fund Venture Global's development activities for its proposed LNG export facilities in Louisiana, US. The company is developing the 10 million tpy Venture Global Calcasieu Pass facility on an approximately 1000-acre site located at the intersection of the Calcasieu Ship Channel and the Gulf of Mexico, as well as the 20 million tpy Venture Global Plaquemines LNG facility in Plaquemines Parish, Louisiana on an approximately 630-acre site at river marker 55 on the Mississippi River, located 30 miles south of New Orleans, Louisiana.
Patrick Hughes, Managing Director of Height's Investment Banking and Advisory group, said: "Closing another round of financing with Venture Global LNG marks a clear indication of investors' demand for strategic midstream projects […] We remain bullish towards worldwide LNG demand growth, driven by the rapid expansion of certain strategic markets with numerous creditworthy counterparties and contract roll-off from traditional suppliers. We believe Venture Global is among the lowest cost, most formidable suppliers offering competitive contract pricing well below many of its non-US peers. The company's success in attracting both financing and commercial interest underscores persistent and growing demand for LNG from differentiated, low-cost, and stable supply sources like the United States."
John Akridge, Height's Co-Founder and Managing Partner, added: "We continue to be excited about project-based finance opportunities in energy and infrastructure […] Our firm's success remains grounded in our industry-leading view of global energy markets – from the work being done by our Investment Research team, to this latest accomplishment of our Investment Banking and Advisory group."
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/12052016/venture-global-lng-financing-continues-2437/