Standard Chartered announced the closing of a USD15.1 billion financing package for the first phase of Venture Global, Inc.’s CP2 LNG project, according to the company's release.
The deal drew more than USD34 billion in commitments from international financial institutions and is described as the largest standalone project financing completed to date.
The package includes USD12.1 billion in project financing and a USD3.0 billion Equity Bridge Loan. Standard Chartered acted as Initial Coordinating Lead Arranger and Hedging Bank for the Term Loan and Working Capital Facility, and as Coordinating Lead Arranger for the Equity Bridge Loan.
“This transaction exemplifies Standard Chartered's ability to lead from the front on complex financings, bringing together capital, risk solutions, and deep sector expertise,” said Sridhar Nagarajan, Head of Infrastructure and Development Finance Group for the Americas at Standard Chartered.
The CP2 LNG project is expected to reach peak production capacity of 28 million tonnes per annum. Phase 1 has secured long-term sales and purchase agreements with buyers in Europe, Asia and other regions.
Standard Chartered PLC is a public limited company headquartered in London and listed on the London Stock Exchange and the Hong Kong Stock Exchange. It operates as an international banking group with a presence in more than 50 markets across Asia, Africa, the Middle East, Europe and the Americas, providing services in corporate, institutional, retail and private banking.
Venture Global LNG, Inc. is a U.S.-based liquefied natural gas company that develops and operates LNG export facilities. It is incorporated in Delaware and headquartered in Arlington, Virginia. The company pursues long-term contracts with global buyers of LNG and focuses on large-scale projects along the U.S. Gulf Coast.