NextDecade Corporation (NextDecade) (NASDAQ: NEXT) announced that it has entered into framework agreements with Global Infrastructure Partners (GIP) and TotalEnergies (NYSE: TTE) to enable the final investment decision (FID) for the Rio Grande LNG project (RGLNG) Trains 1, 2, and 3 (Phase 1) and to provide momentum for the further development of RGLNG Train 4 and Train 5 as well as a future carbon capture and sequestration project. As part of such transaction, TotalEnergies has agreed to acquire in three tranches a 17.5% common stock position in NextDecade for an aggregate purchase price of US$219.4 million.
Latham & Watkins LLP represents NextDecade in this transaction. The corporate team with respect to the private investment into public equity (PIPE) transaction by TotalEnergies into NextDecade was led by Houston partner Ryan Maierson, with associates Om Pandya, Anthony Tan, and Tasbiha Batool. The team representing NextDecade with respect to the framework agreement with GIP and the broader equity and debt financing of Phase I and the project documents associated therewith is led by New York and Houston partners Jason Webber, Hamad Al-Hoshan, and Chris Peponis.