1,000 Acre LNG Terminal in Texas City Under Development
Houston-based NextDecade Corp. nabbed a new investment for its planned liquified natural gas export facility in South Texas.
NextDecade and the Abu Dhabi-based sovereign investor Mubadala Investment Co. entered into a private placement agreement for $50 million of shares of NextDecade’s common stock, according to an Oct. 24 filing with the U.S. Securities and Exchange Commission. An Oct. 29 SEC filing indicates that NextDecade completed the $50 million equity offering from a single investor.
The proceeds from the $50 million private placement deal will go toward development activities related to the liquefaction of natural gas and the exports of LNG into international markets, according to the SEC filing. That includes development related to NextDecade’s Rio Grande LNG Project — a planned LNG export facility in Brownsville, Texas — and the 137-mile Rio Bravo Pipeline to supply gas to the South Texas facility.
The proceeds could also be used for development activities for a roughly 1,000-acre site near Texas City for a second potential LNG terminal, per the filing. NextDecade signed lease agreements for the land in January 2017.