NextDecade Approves FID for Fourth LNG Train at Rio Grande Project

NextDecade Corporation has approved the final investment decision (FID) for Train 4 at its Rio Grande LNG project in Texas, with an expected capacity of 6 Mtpa. This milestone increases the project’s total under-construction capacity to 24 Mtpa.

The $6.7 billion investment includes EPC costs, owner’s costs, contingencies, and financing. Bechtel Energy has been issued a full notice to proceed. The train has secured 20-year SPAs totaling 4.6 Mtpa with ADNOC, TotalEnergies, and Aramco, with completion and first cargo expected in the second half of 2030.

The financing package includes $3.85 billion in debt, $1.13 billion from NextDecade equity, and $1.7 billion in joint equity from BlackRock, GIC, Mubadala, and TotalEnergies. TotalEnergies, already a major shareholder, emphasized that this project strengthens its position in the global LNG market, targeting over 16 Mtpa U.S. LNG export capacity by 2030.

NextDecade CEO Matt Schatzman highlighted that global LNG demand remains strong, with the company’s 48 Mtpa total planned capacity (including Train 5 and CCS projects) positioning it to supply affordable, reliable, and lower-carbon energy worldwide.