NextDecade Will Move Ahead on $18.4 Billion Texas LNG Plant

The Houston-based company closed on an agreement to move ahead with phase one of the project after lining up $18.4 billion in financing. That includes $5.9 billion in commitments from Global Infrastructure Partners, GIC, Mubadala Investment Co. and TotalEnergies SE, according to a statement Wednesday.

The project’s final cost for engineering, procurement and construction was about $12 billion for the first phase, which covers the first three trains of the five-train plant, according to NextDecade.

It’s the third US LNG proposal to reach a final investment decision this year, after Venture Global LNG Inc.’s Plaquemines project in Louisiana and Sempra Energy’s Port Arthur in Texas. Global buyers have looked to secure supplies of North American LNG in the wake of Russia’s invasion of Ukraine last year.

The company’s customers include Shell Plc, Exxon Mobil Corp. and Total, along with China Gas Holdings Ltd., Guangdong Energy Group Co., Engie SA, Galp Energia SGPS SA and Itochu Corp.

NextDecade’s first contract with Shell was signed in 2019, with deal activity speeding up following the invasion of Ukraine.