Houston-based Cheniere Energy Inc., which owns the Sabine Pass natural gas liquefaction facility in Cameron Parish, has secured $1.5 billion in financing for a planned liquefied natural gas project in Corpus Christi, Texas.

Under the complicated agreement, global investment firm EIG Management Co. LLC will buy about $1.5 million in convertible notes, which can be converted to common stock. The notes would be issued by a yet-to-be-formed Cheniere subsidiary, which in turn would be the indirect owner of Corpus Christi Liquefaction LLC and Corpus Christi Pipeline LP.

The money would be used to fund a portion of the Corpus Christi LNG plant.

EIG could convert the notes to stock after the third of three planned units, which supercool natural gas into a liquid, is completed.

Cheniere Chairman and Chief Executive Officer Charif Souki said construction in Corpus Christi is expected to begin in early 2015 and LNG exports could begin as early as 2018.

Washington, D.C.-based EIG specializes in private investments in energy and energy-related infrastructure. The firm had $15.1 billion under management as of Sept. 30.