Venture Global, Inc. has confirmed a final investment decision and the successful closing of $8.6 billion in project financing for CP2 LNG Phase 2, the second development stage of the company’s third liquefied natural gas project, Venture Global CP2 LNG (CP2). When combined with the Phase One financing for CP2 that was announced in July 2025, the financing package represents the largest standalone project financing ever completed in the U.S. bank market. The funding round for CP2 LNG Phase 2 drew substantial attention from leading global banks, generating more than $19 billion in commitments for the second phase alone. This followed the earlier $34 billion in commitments secured for Phase One. Notably, the transaction was structured without the need for outside equity investment.
Commenting on the milestone, Venture Global CEO Mike Sabel praised the company’s progress and highlighted the pace of its development strategy. He said, “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 U.S. exporter of LNG once CP2 is fully online.”
The CP2 LNG Phase 2 project is part of a broader expansion plan that will give the CP2 facility a peak production capacity of 29 Million Tonnes Per Annum (MTPA) once completed. Nearly all of that nameplate capacity has already been committed under long-term sales agreements, with customers primarily located in Europe and Asia. As a result, the development is viewed as strategically important for global energy supply and security. Across its three Louisiana projects, Venture Global now holds a total contracted capacity of more than 49 MTPA, covering nearly all of its planned production capacity.
Financing for CP2 LNG Phase 2 has been supported by a large consortium of international banks, reflecting strong global demand for investment in U.S. LNG infrastructure. The lender group includes well known banks and organizations from all across North America, Europe, and Asia, underscoring the international interest surrounding the project. Bank of America, Bank of China, Barclays, Canadian Imperial Bank of Commerce, Deutsche Bank, Goldman Sachs, J.P. Morgan Chase, and Wells Fargo are among many others who have participated in the project.
Two major financial institutions served as Lead Arrangers for the project’s Construction Term Loan and Working Capital Facility. Banco Bilbao Vizcaya Argentaria (BBVA) and MUFG Bank, Ltd. (MUFG) coordinated the financing structure. Legal counsel for the transaction was provided by Latham & Watkins LLP, representing Venture Global, while Skadden, Arps, Slate, Meagher & Flom LLP advised the lenders involved in the financing arrangements. Together, these steps mark a significant stage in the advancement of CP2 LNG Phase 2 as Venture Global continues building its LNG export capacity in Louisiana and beyond it.
