NextDecade LLC confirms that Valinor Management LP and Halcyon Energy Investors LP have joined certain funds managed by York Capital Management Global Advisors LLC and its affiliates in providing NextDecade with an additional $85 million in order to take the Rio Grande LNG (RGLNG) and Rio Bravo Pipeline project to final investment decision (FID) and to fund the continued development of Pelican Island LNG (PILNG) in Galveston, Texas.
The terms of the transaction include options for NextDecade's three strategic investors to invest the requisite FID equity sufficient to begin construction of the RGLNG project. Together, York, Valinor, and Halcyon manage assets in excess of $40 billion.
Jefferies LLC served as sole placement agent for NextDecade.
NextDecade has executed a front-end engineering and design (FEED) agreement with Chicago Bridge & Iron Co. (CB&I), as well as the terms under which CB&I could assume the role as the EPC contractor on the RGLNG project. NextDecade plans to complete FEED by the end of the year, and expects RGLNG to achieve first LNG by the third quarter of 2020.