Venture Global will proceed with the second phase of its third project, Venture Global CP2 Liquefied Natural Gas ( LNG ), in Cameron Parish, Louisiana, after signing its latest project financing deal worth US$8.6 billion.

Banco Bilbao Vizcaya Argentaria ( BBVA ) and MUFG Bank served as lead arrangers for the project’s construction term loan and working capital facility. Latham & Watkins served as counsel to Venture Global while Skadden, Arps, Slate, Meagher & Flom represented the lenders across all the facilities. 

The lenders include Banco Santander, Bank of America, Bank of China, Barclays, CaixaBank, Canadian Imperial Bank of Commerce, Deutsche Bank, Goldman Sachs, Industrial and Commercial Bank of China, Intesa Sanpaolo, J.P. Morgan Chase, Landesbank Baden-Wuttemberg, Mizuho, National Bank of Canada, National Westminster Bank, Natixis, PNC Bank, Regions Bank, Royal Bank of Canada, Standard Chartered, Sumitomo Mitsui, The Bank of Nova Scotia, The Huntington National Bank, Truist, the US Bank National Association, and Wells Fargo.

The transaction garnered strong interest, resulting in over US$19 billion of commitments for Phase Two of the project, in addition to the previous US$34 billion of commitments for Phase One, and required no outside equity investment. When combined with the Phase One financing for CP2 announced in July 2025, this represents the largest standalone project financing in the US bank market.  

“We are extremely proud to have taken FID ( final investment decision ) on the second phase of CP2, our third greenfield project, bringing Venture Global’s executed capital markets transactions to more than US$95 billion,” says Venture Global chief executive officer Mike Sabel.

“The tireless dedication of our team has enabled us to reach five final investment decisions in less than seven years, positioning us to become the largest US exporter of LNG once CP2 is fully online. With the Phase Two financing secured, we will build on the strong construction progress already underway and deliver reliable American LNG to customers around the world.”  

Strategically important project

CP2 will have a peak production capacity of 29 million tonnes per annum and has contracted to sell nearly all of its nameplate capacity on a long-term basis with customers predominantly located in Europe and Asia. 

Accordingly, CP2 is a strategically important project for global energy supply and security. Venture Global now has a total contracted capacity of over 49mtpa, or nearly all of its nameplate capacity, across all three of its projects in Louisiana. 

New York Stock Exchange-listed Venture Global has over 100 mtpa of capacity in production, construction, or development. The company began producing LNG from its first facility in 2022 and is now one of the largest LNG exporters in the US. The company’s vertically integrated business includes assets across the LNG supply chain, including LNG production, natural gas transport, shipping and regasification.  

The company’s first three projects, Calcasieu Pass, Plaquemines LNG, and CP2 LNG, are located in Louisiana, with gas fed in from the extensive US pipeline system. Venture Global is developing carbon capture and sequestration projects at each of its LNG facilities.