August 12, 2025 [Reuters]- U.S. liquefied natural gas developer NextDecade will receive up to $1.8 billion in equity commitments from TotalEnergies and Global Infrastructure Partners (GIP) to finance a fourth liquefaction plant at its Rio Grande LNG export project in Texas, the company said on Monday.
The move brings NextDecade one step closer to a positive financial decision on the 5.4 million metric tons per annum (mtpa) facility, known as Train 4. A liquefaction plant converts natural gas to a liquid, allowing its transport over long distances.
NextDecade is awaiting a final order on the remand for the project from the Federal Energy Regulatory Commission; FERC has completed the final environmental impact statement and its staff last week recommended the project be allowed to proceed.
Based on FERC’s published schedule, it anticipates a final order on the remand by November 20, NextDecade said on Monday in an email response to Reuters.
TotalEnergies will contribute about $300 million for a 10% stake in the Train 4 joint venture, while a GIP affiliate will invest up to $1.5 billion for a 50% interest, which will fall to 30% once certain return thresholds are met, NextDecade said.
NextDecade, through its subsidiaries, will provide up to $1.2 billion for a 40% interest, which could rise to 60% after GIP reaches agreed returns, according to the filing.
TotalEnergies has a long-term agreement with NextDecade to purchase 1.5 million metric tons of LNG from Train 4 but has declined to invest or purchase the superchilled gas on a long-term contract from NextDecade’s proposed Train 5 export facility.
NextDecade has entered into a fixed-price contract for the construction of Train 4 with Bechtel for $4.77 billion, but the price is only valid until September 15, according to the company.
NextDecade is building its Rio Grande LNG facility with a capacity of 17.6 mtpa, and is developing Trains 4 and 5 with a combined additional capacity of 10.8 mtpa. The projects are expected to assist the U.S. remain as the largest LNG exporter in the world.
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