Venture Global LNG Inc., which is developing two liquefied natural gas export projects in Cameron and Plaquemines parishes, said it raised another $160 million for the projects and moving toward construction in early 2019.
The company is one of several racing to get multibillion-dollar LNG export projects off the ground in Louisiana in hopes of meeting heightened global demand in the early 2020s.
The new round of funding, which Venture Global said came from large institutional investors, brings the total capital raised for the projects to $630 million. The company's previous round, which closed last fall, brought in $108 million.
Co-CEO Mike Sabel said the company continues to sign 20-year LNG purchase agreements with customers for the two facilities. The firm's Calcasieu Pass subsidiary said earlier this year it inked a purchase agreement with BP.
GE Oil and Gas, a subsidiary of General Electric company Baker Hughes, is providing Venture Global with liquefaction technology for the projects.
The firm's 10 million tons per year Calcasieu Pass facility is planned on a 1,000-acre site at the intersection of the Calcasieu Ship Channel and the Gulf of Mexico. It also is developing a 20 million ton facility on a 630-acre site in Plaquemines Parish on the Mississippi River.