TotalEnergies and Partners Make Final Investment Decision for Rio Grande LNG Project Phase 1 in Texas

The $18.4 billion Final Investment Decision for Rio Grande LNG Phase 1 establishes 17.6 MTPA of liquefied natural gas export capacity across three trains at the Port of Brownsville, Texas. This development deal provides TotalEnergies, a global integrated energy company, with a substantial new asset for gas production and marketing. NextDecade Corporation, as the developer of the Rio Grande LNG facility, advances its core mission to deliver lower-carbon energy through LNG infrastructure in Texas. The project's scale is enabled by significant debt financing from an international banks' consortium, a multi-trillion-dollar global group providing capital for large-scale infrastructure. This commitment, announced on 2023-07-13, secures a major position in the global gas market for the involved partners. Global Infrastructure Partners (GIP), an independent infrastructure fund manager overseeing over $100 billion in assets, adds a significant energy asset to its global portfolio. GIC, a global long-term investor established in 1981 to manage Singapore’s foreign reserves and invested in more than 40 countries, secures a long-term energy investment. Mubadala, a sovereign wealth fund, participates in this gas infrastructure project, balancing its portfolio with traditional energy assets alongside its growing interest in renewable energy. Bechtel, a global engineering, construction, and project management company, secures the EPC contract for the three LNG trains, reinforcing its expertise in large-scale energy infrastructure projects. TotalEnergies further integrates its global energy operations with this substantial gas development in the United States.