Calcasieu Pass LNG Secures $1.75B Loan

Venture Global Inc said its subsidiary overseeing the Calcasieu Pass LNG project in Cameron Parish, Louisiana has entered into a $1.75 billion credit facility.

Arlington, Virginia-based Venture Global said in an online statement that part of the proceeds from the senior secured, term loan B facility was used to redeem preferred equity interests issued to Stonepeak Bayou Holdings II LP.

"This transaction meaningfully reduces our overall cost of capital while further strengthening our balance sheet and liquidity position", Venture Global chief executive Mike Sabel said.

"Just as importantly, it demonstrates our continued ability to efficiently access the capital markets, even in a dynamic environment".

Goldman Sachs was lead left arranger and bookrunner. Barclays, Natixis and Wells Fargo served as lead right arrangers and joint bookrunners.

Venture Global had $4.34 billion in current liabilities at yearend 2025, including an $812 million current portion of long-term debt.

Its current assets stood at $4.04 billion including $2.36 billion in cash and cash equivalents and $195 million in restricted cash.

Last year Venture Global sold 1,409 trillion British thermal units of LNG, increasing 181 percent from 2024 and setting a record for the company. Venture Global exported 380 cargoes in 2025, up from 239 cargoes in 2024, it said in its statement of results March 2, 2026.

Revenue rose 177 percent to $13.8 billion. Income from operations climbed 192 percent to $5.2 billion. Net profit grew 53 percent to $2.3 billion. EBITDA adjusted for extraordinary or non-recurring items totaled $6.3 billion, up 198 percent.

This year Venture Global expects to increase cargo exports to 486-527, of which 145-156 cargoes are expected to come from the Calcasieu project and 341-371 from the Plaquemines project.

"We continue to progress on construction, commissioning and assurance testing required in advance of the commercial operation date of our Plaquemines project", Venture Global said. "Thanks to a series of innovative mitigations and previously announced incremental expenditures addressing the challenges that arise in the construction and commissioning of a large, complex project, we are pleased to reaffirm that we are targeting Plaquemines project phase I COD in Q4 2026 as previously communicated to our customers and Plaquemines project phase II COD in mid-2027".

Venture Global has three projects in operation or under construction, all in Louisiana along the Gulf Coast.

It began producing LNG in 2022 through Calcasieu Pass. The project holds a permit from the Department of Energy (DOE) to export up to 12.4 million metric tons per annum (MMtpa) or 640.67 billion cubic feet (Bcf) a year of natural gas equivalent to countries with a free trade agreement (FTA) with the United States and non-FTA nations.

On March 13, 2026 Venture Global's Plaquemines project received DOE authorization to increase its to export 27.2 MMtpa of LNG or 1,405.33 Bcf per year of gas equivalent to FTA and non-FTA countries. Venture Global expects to launch the project into commercial operation by the end of 2026.

The other project, the under-construction CP2, is permitted to ship about 28 MMtpa or 1.45 trillion cubic feet a year of gas equivalent to FTA and non-FTA countries. Venture Global expects to start up CP2 next year.

On March 13, 2026 Venture Global announced a final investment decision to proceed with the second phase of CP2.

A fourth project, CP3 LNG, is in the development stage, the company says on its website.

To contact the author, email jov.onsat@rigzone.com