NextDecade raises additional funding for Rio Grande LNG project

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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...