Fusco pointed out the FID is the first on new liquefaction capacity in the U.S. since 2015, when the first two trains on the Corpus Christi project achieved financial close.
Bechtel has been given full notice to proceed with construction, which began at the end of last year under limited noticed to process. Works include the construction of an additional tank and the completion of a second berth. The Cheniere CEO explicitly thanked its EPC partner for its “demonstrated teamwork, commitment and execution” which were critical elements in the commercialization and financing of Train 3.
In terms of financing, Cheniere’s subsidiary Corpus Christi Holdings secured amended credit facilities, increasing the total available funding from $4.5 billion to $6.1 billion.
The amended credit lines will be used to fund a portion of the costs of developing, constructing, and placing into service Trains 1, 2, and 3 and associated pipelines and infrastructure. The remaining costs of the Corpus Christi project will be funded by Cheniere under its amended Equity Contribution Agreement with Corpus Christi Holdings, and from cash flows generated by Trains 1 and 2.