June 13, 2025 [NextDecade]- NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) announced today that its subsidiaries have finalized a pricing refresh of the Company’s lump-sum, turnkey engineering, procurement and construction (EPC) contract with Bechtel Energy Inc. (Bechtel) for the construction of Train 4 and related infrastructure at the Rio Grande LNG Facility and executed a lump-sum, turnkey EPC contract with Bechtel for the construction of Train 5 and related infrastructure at the Rio Grande LNG Facility.
Train 4 EPC Contract and Project Costs, and Progress Toward a Final Investment Decision (FID)
Rio Grande LNG Train 4, LLC has agreed to pay Bechtel approximately $4.77 billion for the work under the EPC contract for Train 4. Pricing validity under the Train 4 EPC contract extends through September 15, 2025. NextDecade currently projects that owner’s costs, contingencies, financing fees and interest during construction1 will total approximately $1.8-$2.0 billion for Train 4 and supporting infrastructure, based on current estimates and expected interest rates.
Train 5 EPC Contract, Project Costs, and Progress Toward FID
Rio Grande LNG Train 5, LLC has agreed to pay Bechtel approximately $4.32 billion for the work under the EPC contract for Train 5. Pricing validity under the Train 5 EPC contract extends through September 15, 2025. NextDecade currently projects that owner’s costs, contingencies, financing fees and interest during construction1 will total approximately $1.8-$2.0 billion for Train 5 and supporting infrastructure, based on current estimates and expected interest rates.
Trains 4 and 5 Progress Toward Final Investment Decisions (FIDs)
Commercialization of Train 4 is complete, and the Company has started the financing process for Train 4 and related infrastructure. Subject to obtaining adequate financing, NextDecade expects to achieve a positive FID on Train 4 before the end of the pricing validity period for the Train 4 EPC contract.
NextDecade recently announced a 20-year, 2.0 million tonnes per annum (MTPA) LNG Sale and Purchase Agreement (SPA) with JERA for offtake from Train 5 and is working on commercializing an additional 2.5 MTPA under long-term LNG SPAs to support a positive FID on Train 5. The Company has started the financing process for Train 5 and related infrastructure and, subject to obtaining appropriate commercial support and financing, is targeting FID before the end of the pricing validity period for the Train 5 EPC contract.
