Venture Global reached a final investment decision (FID) and closed the $15.1 billion project financing for Phase 1 of Venture Global CP2 LNG (CP2), its third project, and the associated CP Express Pipeline. This represents Venture Global’s largest standalone project financing and the second largest project financing after the combined financings of Venture Global’s Plaquemines LNG.
Key Takeaways
- Venture Global has reached a final investment decision and secured $15.1 billion in financing for Phase 1 of its CP2 LNG project and the CP Express Pipeline, marking its largest standalone project financing to date.
- CP2 LNG, expected to begin deliveries in 2027, will have a peak production capacity of 28 MTPA and is fully owned by Venture Global and its shareholders.
- With long-term SPAs signed for CP2 Phase 1 in Europe, Asia, and other regions, Venture Global’s total contracted LNG capacity now stands at 43.5 MTPA across three Louisiana projects.
“We are extremely proud to have taken FID on our third greenfield project in under six years with over $80 billion in capital markets transactions executed to date,” said Mike Sabel, CEO of Venture Global. “This success would not be possible without the dedication and relentless execution of the entire Venture Global team. Our significant early investments and work on the project make CP2 the most advanced project at FID to date. This project, fully owned by Venture Global and our shareholders, is expected to deliver reliable American LNG to the world beginning in 2027.”
CP2 will have a peak production capacity of 28 MTPA. Phase 1 has contracted long-term SPAs with customers in Europe, Asia, and beyond. Venture Global now has a total contracted capacity of 43.5 MTPA across all three of its projects in Louisiana.
The transaction garnered over $34 billion of commitments and required no outside equity investment. The lender group for the construction financing includes: Bank of America, Barclays, Bayern LB, BBVA, CIBC, Deutsche Bank, FirstBank, Flagstar, Goldman Sachs, Helaba, ICBC, ING, Intesa, J.P. Morgan, LBBW, Mizuho, MUFG, Natixis, NBC, Nord LB, Raymond James, RBC, Regions, Santander, Scotiabank, SMBC, Standard Chartered, Truist, and Wells Fargo. ING and Santander served as Lead Arrangers for CP2 LNG Phase 1’s Construction Term Loan and Working Capital Facility, while Bank of America and Scotiabank served as Lead Arrangers for CP2 LNG Phase 1’s Equity Bridge Loan. Latham & Watkins LLP served as counsel to Venture Global, and Skadden, Arps, Slate, Meagher & Flom LLP served as counsel to lenders across all facilities.
In late July, Venture Global and Eni S.P.A. of Italy signed an agreement to purchase 2 million tons per annum (MTPA) of LNG from CP2 LNG, Venture Global’s third project, for 20 years. The sales and purchase agreement marks Eni’s first long-term agreement with a U.S. LNG producer.
“We are honored that Eni, a leading innovator and global gas player, has chosen Venture Global as their first American LNG supplier,” said Mike Sabel, CEO of Venture Global. Italy is an important ally and trading partner to the United States, and we are grateful for the trust of Eni as our newest customer. This deal marks a significant milestone for the company and is further recognition of our growing global energy leadership and strong record of execution.”
As of July 2025, approximately 13.5 MTPA of CP2 Phase One has been sold, raising the total contracted capacity for all of Venture Global’s projects to 43.5 MTPA. Same for Venture Global: It has supplied Italy with nearly 40 cargoes of U.S. LNG from its Calcasieu Pass and Plaquemines LNG facilities.
Eni joins a growing number of world-class LNG customers for CP2 in Europe, Asia, and the rest of the world. Accordingly, CP2 is a strategically important project to global energy supply and security.
