Cheniere, EIG finalise $1.5bn investment for Corpus Christi liquefaction project in Texas

Cheniere Energy and EIG Management Company have finalised $1.5bn equity investment for the Corpus Christi liquefaction project in Texas, the US.

Under a note purchase agreement, investment funds managed by EIG will purchase $1.5bn of convertible notes (the financing).

Cheniere will utilise proceeds from the financing as equity to fund a part of the costs of developing, building the project and placing it into service.

The financing is due to close once Cheniere reaches a positive final investment decision on the project in the first half of 2015.

Construction on the project is expected to start in the first half of 2015. LNG exports are anticipated to commence as early as 2018.

The project is being designed and permitted for up to three trains, with aggregate design production capacity of 13.5 million tonnes of LNG a year.

It will feature three LNG storage tanks with capacity of 10.1 billion cubic feet equivalent and two LNG carrier docks.

Cheniere received about $11.5bn of debt commitments from various financial institutions in December 2014.

Apart from the Corpus Christi development, Cheniere is also developing a liquefaction project at the Sabine Pass LNG terminal adjacent to the existing regasification facilities for up to six LNG trains.

Each of the trains will have a design production capacity of around 4.5 million tonnes a year. Construction has started on LNG Trains one through four at the project.

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