NextDecade secures $356-MM loan for Rio Grande LNG Phase 1

(Reuters) - NextDecade said on Wednesday it has received a loan worth $356 million from a group of lenders to finance a portion of the Phase 1 of its Rio Grande LNG export facility in Texas.

The LNG firm said the full amount was disbursed on Sept. 15, leading to lowering of its existing loan commitments for Phase 1 to under $10.8 billion from $11.1 billion.

Located at Brownsville, Texas, the Rio Grande LNG export facility has been in development for several years, suffering repeated delays.

The facility, with a capacity to produce 27 million tons per annum of LNG, received a positive final investment decision to construct the first three liquefaction trains (Phase 1) in July.

The $18.4 billion committed for Phase 1 is the largest greenfield energy project financing in U.S. history.

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