Venture Global LNG, Inc. announces that it has raised additional capital of approximately US$108.6 million, marking its seventh round of equity investment. This Reg. D private placement brings the company's aggregate funding total to US$470 million.
The transaction proceeds will fund Venture Global LNG's continued development activities for its proposed LNG export facilities in Louisiana. The company is developing both the 10 million tpy Calcasieu Pass facility on the Gulf of Mexico and the 20 million tpy Plaquemines LNG facility in Plaquemines Parish using a highly efficient, mid-scale liquefaction technology.
In response to the capital raise, Co-CEO Bob Pender stated, "Following the recent execution of our binding 20-year Sales and Purchase Agreement (SPA) with Edison (part of the EDF Group), as well as our previous binding 20-year SPA with Shell North America LNG, this private placement gives our buyers high confidence in our ability to deliver the lowest cost LNG from North America to the global market."
Co-CEO Mike Sabel added, "investors and LNG customers continue to recognise our innovative strategy and quality execution as we, along with our strategic partner GE Oil & Gas, LLC, part of Baker Hughes, a GE Company (BHGE), develop two of the leading LNG projects in North America."
Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC assisted the company in connection with the private placement.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/17102017/venture-global-lng-announces-successful-close-of-private-placement/