Venture Global secures $8.6 billion for CP2 Phase Two, advancing LNG expansion, strengthening global supply, and attracting strong investor confidence.
Venture Global, Inc. has formally taken a final investment decision (FID) and successfully closed an $8.6 billion financing package for the second phase of its CP2 LNG project, marking a major milestone in the company’s expansion strategy. This second phase represents a continuation of the company’s third large-scale liquefied natural gas (LNG) development, known as CP2, and significantly strengthens Venture Global’s position within the global energy market. When combined with the financing secured for Phase One in July 2025, the CP2 project now stands as the largest standalone project financing ever completed in the U.S. banking sector.
The financing transaction attracted overwhelming interest from leading global financial institutions, demonstrating strong investor confidence in U.S. LNG infrastructure. For Phase Two alone, the company received commitments exceeding $19 billion, in addition to the $34 billion secured for the first phase. Notably, the entire financing was achieved without the need for external equity contributions, underscoring the project’s financial strength and the credibility of Venture Global’s business model.
According to CEO Mike Sabel, the company’s ability to reach five final investment decisions in under seven years reflects the efficiency and commitment of its team. He emphasized that this latest milestone brings Venture Global’s total executed capital markets transactions to more than $95 billion. Sabel also highlighted that once CP2 becomes fully operational, the company is poised to become the largest LNG exporter in the United States. With construction already progressing steadily, the secured financing for Phase Two will further accelerate development and ensure timely delivery of LNG to international markets.
The CP2 project is expected to achieve a peak production capacity of 29 million tonnes per annum (MTPA). Importantly, nearly all of this capacity has already been committed under long-term agreements, primarily with customers in Europe and Asia. This high level of contracted capacity not only enhances the project’s financial stability but also reinforces its importance in supporting global energy supply and security, particularly as countries seek reliable alternatives amid shifting energy dynamics.
Across its three LNG projects in Louisiana, Venture Global has now secured contracts for over 49 MTPA, effectively covering almost its entire production capacity. This level of forward contracting positions the company as a key supplier in the global LNG market for years to come.
The financing consortium for CP2 Phase Two includes a wide array of leading international banks, reflecting broad-based support from financial markets in North America, Europe, and Asia. Among the participating institutions are major global names such as Banco Santander, Bank of America, Barclays, Deutsche Bank, Goldman Sachs, J.P. Morgan Chase, and Wells Fargo, among others.
Banco Bilbao Vizcaya Argentaria (BBVA) and MUFG Bank acted as lead arrangers for the construction term loan and working capital facilities. Legal advisory services were provided by Latham & Watkins LLP for Venture Global, while Skadden, Arps, Slate, Meagher & Flom LLP represented the lenders.
Overall, the successful financial close and FID for CP2 Phase Two mark a significant advancement in Venture Global’s growth trajectory, reinforcing its role in shaping the future of global LNG supply.
