Project on Schedule for Early 2026 FID
HOUSTON–(BUSINESS WIRE)–Texas LNG Brownsville LLC (“Texas LNG”), the four million tonnes per annum (“MTPA”) liquefied natural gas (“LNG”) export terminal being developed in the Port of Brownsville, Texas, by an affiliate of Glenfarne Group, LLC (“Glenfarne”), today announced a significant milestone in assembling a debt financing package of $5.7 billion for the construction of Texas LNG. The project remains on schedule for an early 2026 Final Investment Decision (“FID”).
Texas LNG has assembled a group of leading financial institutions with deep experience in financing global infrastructure projects. These institutions will lead the financing upon satisfaction of certain conditions, with Initial Coordinating Lead Arrangers (“ICLAs”) underwriting $750 million each, for a total senior facility of $5.7 billion, which will comprise a senior construction facility and a revolving working capital & Letter of Credit facility. Texas LNG has received interest in excess of $10 billion, paving the way for a strong syndication process after FID. This interest was driven by the high-quality approach to EPC with Kiewit and the structure and volume of offtake agreements with highly rated counterparties EQT, RWE, Gunvor, and Macquarie. The project financing effort is being led by CIBC and Mizuho as financial advisors.
“Strong support from the capital markets along with the recently completed offtake process advances Texas LNG toward a positive FID in early 2026 and toward the delivery of a dependable new source of U.S. LNG supply beginning around 2030,” said Vlad Bluzer, Co-President of Texas LNG and Partner, Glenfarne Group.
“Texas LNG’s advanced development status and Glenfarne’s disciplined approach to financing are attracting significant interest with leading global institutions,” said Rahul D. Shah, Managing Director, Mizuho. “We are pleased to serve as financial advisor and to support Glenfarne and Texas LNG as they progress towards financial close.”
“Large-scale project financings demand a client-first focus, disciplined execution, and deep sector expertise from experienced advisors,” said Chris Otte, Managing Director and Head of U.S. Midstream, CIBC. “Texas LNG has built strong momentum across the financing workstream, and we are proud to serve as financial advisor to Texas LNG in advancing the financing process to support Glenfarne in achieving its target of an early 2026 FID.”
About Texas LNG
Texas LNG is an LNG export facility to be constructed in the Port of Brownsville, Texas and a subsidiary of global energy and infrastructure leader Glenfarne Group, LLC. Texas LNG is led by an experienced team committed to creating one of the cleanest, lowest emitting LNG export facilities in the world through electric motor drives. Additional information about Texas LNG may be found on its website at www.texaslng.com.
About Glenfarne Group
Glenfarne Group is a privately held global developer, owner, and operator of energy infrastructure assets. Through its subsidiaries, Glenfarne owns and operates over 60 energy assets through three core businesses: Global LNG Solutions, Grid Stability, and Renewables. Glenfarne’s permitted North American LNG portfolio totals 32.8 MTPA of capacity under development in Alaska, Louisiana, and Texas. For more information, please visit www.glenfarne.com.
Contacts
Texas LNG – Tim Fitzpatrick
[email protected]
