Venture Global LNG has announced the final investment decision (FID) and successful closing of the US$7.8 billion project financing for the second phase of the Plaquemines LNG facility. Together, phase one, which Latham also advised on, and phase two represent approximately US$21 billion of investment, the largest project financing in 2023 to date. The proceeds of the debt and equity financing fully fund the balance of construction and commissioning of the second phase of the 20MTPA nameplate capacity project. The company also issued a full notice to proceed to KZJV to continue construction on phase two of Plaquemines LNG.
Latham & Watkins LLP represented Venture Global in the transaction with a project finance team led by New York partners Jonathan Rod and Chirag Dedania, with New York associates Annelise Karreman, Jesse Van Genugten, Emma Green, Kim de Looze, Boston associate Austin Wruble and Los Angeles associate Nick Eberhart. Advice was also provided on regulatory matters by Washington, D.C. partner Patrick Nevins; on tax matters by New York partners Jiyeon Lee-Lim and Bora Bozkurt, and Madrid partner Ivan Rabanillo, with New York associate Lukas Kutilek; on environmental matters by Washington, D.C. partners James Barrett and Stacey VanBelleghem; and on hedging matters by New York counsel Brett Ackerman, with New York associate Jacqueline Rugart.