Cheniere announces positive final investment decision on the Corpus Christi Stage 3 Liquefaction Project
Cheniere Energy, Inc. announced, that its Board of Directors has made a positive Financial Investment Decision with respect to the 10+ million tonnes per annum of LNG Corpus Christi Stage 3 Liquefaction Project and has issued full notice to proceed to Bechtel Energy Inc. to continue construction on CCL Stage 3, which began earlier this year under limited notice to proceed.
On June 15, 2022, Cheniere’s wholly-owned subsidiary, Cheniere Corpus Christi Holdings, LLC closed on an amended and restated approximately $4 billion Senior Secured Term Loan due 2029, as well as an amended, extended and upsized $1.5 billion Working Capital Facility due 2027. In conjunction with the financing, Cheniere contributed its wholly-owned equity interests in Corpus Christi Liquefaction Stage III, LLC to CCH, and merged CCL Stage III, LLC into Corpus Christi Liquefaction, LLC, a subsidiary of CCH, with CCL continuing as the surviving company. Borrowings under the CCH 2029 Term Loan are being used to fund approximately half of the total expected cost to develop, construct, and place into service CCL Stage 3, the associated pipeline expansion and other infrastructure at or near the project, and for related business purposes. The remaining costs are expected to be funded from Cheniere.
Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (LNG) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with total production capacity of approximately 45 mtpa of LNG in operation and an additional 10+ mtpa of expected production capacity under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.
