Venture Global (VG) Climbs 14.5% on $8.6-Billion Fundraising, Moves Forward With LNG Project

Venture Global Inc. (NYSE:VG) is one of the 10 Stocks Heating Up Amid Market Panic.

Venture Global rallied for a second day on Wednesday, adding 14.54 percent to close at $14.85 apiece, as investors cheered the go-signal and successful raising of $8.6 billion in fresh funds for the development of its third liquefied natural gas (LNG) project in Louisiana.

In a statement on the same day, Venture Global Inc. (NYSE:VG) said that it received as much as $19 billion in financing interest from leading banks globally—much more than what it needed—suggesting optimism for the CP2 LNG (CP2) project and strong support for its second phase of development.

Earlier, the company likewise received $34 billion worth of financing interests from the banks.

“We are extremely proud to have taken FID (financial investment decision) on the second phase of CP2, our third greenfield project, bringing Venture Global’s executed capital markets transactions to more than $95 billion,” Venture Global Inc. (NYSE:VG) CEO Mike Sabel said.

“The tireless dedication of our team has enabled us to reach five final investment decisions in less than seven years, positioning us to become the largest US exporter of LNG once CP2 is fully online. With the Phase Two financing secured, we will build on the strong construction progress already underway and deliver reliable American LNG to customers around the world,” he noted.

The CP2 will be capable of a peak production capacity of 29 MTPA, with nearly all of its nameplate capacity already sold to customers in Europe and Asia on a long-term basis.

Venture Global Inc. (NYSE:VG) said that it now has more than 49 MTPA of total contracted capacity across its three projects.

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