NextDecade Corp. garnered $3 billion in equity for its Rio Grande LNG project in exchange for stakes in the facility, the company stated in a filing with the U.S. Securities and Exchange Commission on Aug. 7.
The funds will be used to pay for the development of Train 4, as the company closes in on a final investment decision (FID) on the expansion project.
NextDecade signed a $300 million agreement with TotalEnergies for a 10% equity interest and a $1.5 billion deal with Global Infrastructure Partners (GIP) for a 50% equity interest. GIP’s stake will fall to 30% after certain financial conditions are met, according to the filing.
NextDecade, through its ND Train 4 Member subsidiary, will contribute up to $1.2 million.
Rio Grande LNG is a Brownsville, Texas project with 48 million tonnes per annum (mtpa) under development. NextDecade made FID for the first three trains in 2023.
The facilities will have a capacity of 18 mtpa and are under construction with an in-service date projected in 2027. Train 4 is designed to add another 5.4 mtpa.