LNG Finance in World Markets: US Projects Drive Liquefaction Finance to Record Level

This current feature was extracted from the latest edition of Poten’s LNG Finance in World Markets, a monthly service published on October 22, 2025.

Global liquefaction finance jumped to a record of $72 billion, eclipsing the next highest yearly level of $54 billion seen in 2023 (see Yearly funding chart). The figures were primarily boosted by US transactions as developers of six export projects made final investment decisions (FIDs) and secured financing. Six US FIDs in one year is unprecedented– the highest number before this year was three US projects. The liquefaction finance tally could continue to climb in the final quarter of this year as a few more projects – also in the US – appear to be nearing FID. Most of this year’s financing was focused on the third quarter (see Quarterly funding chart), as three US projects reached FIDs and obtained funding, with one project (Rio Grande LNG Train 5) then done early in the fourth quarter: Venture Global’s CP2 LNG Phase 1 used a project finance structure and bank loans to cover debt and initial equity commitments. Next Decade’s Rio Grande LNG made FID on two projects, Train 4 in 3Q 2025 and Train 5 in 4Q 2025. They both used project finance, with loans from banks and institutional investors deployed for equity as well as debt, although also brought in third party equity providers. Sempra’s Port Arthur LNG Phase 2’s funding was mostly secured by equity stake sales to third parties (see Liquefaction section).

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