«Today, we are excited to announce that we have made a positive FID on Train 5, marking the second FID for NextDecade in just over a month. This achievement is the result of tireless effort by our team and our partners, and I would like to thank the entire NextDecade team, our equity partners, our Train 5 LNG customers, Bechtel, our financing partners, and our local stakeholders for helping bring Train 5 FID to fruition.» said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer.
On October 16, 2025, NextDecade made a positive FID and issued full notice to proceed to Bechtel under the Company’s lump-sum, turnkey engineering, procurement, and construction (EPC) contract for Train 5 and related infrastructure. Train 5 has expected LNG production capacity of approximately 6 million tonnes per annum (MTPA), bringing the total expected LNG production capacity under construction at Rio Grande LNG to approximately 30 MTPA.
Train 5 is commercially supported by 4.5 MTPA of 20-year LNG Sale and Purchase Agreements (SPAs) with JERA, EQT Corporation, and ConocoPhillips. The guaranteed substantial completion date for Train 5, as well as the date of first commercial delivery (DFCD) under the Train 5 LNG SPAs, is anticipated in the first half of 2031.
Project costs for Train 5 and related infrastructure are expected to total approximately $6.7 billion, including EPC costs, owner’s costs, contingencies, financing fees and interest during construction, and other costs.
To fully fund the expected costs for Train 5 and related infrastructure, the Company successfully closed on approximately $6.7 billion in committed financing, including:
- $3.59 billion term loan facility at Rio Grande LNG Train 5, LLC;
- $0.50 billion private placement notes at Rio Grande LNG Train 5, LLC;
- $1.29 billion in equity commitments from NextDecade; and
- $1.29 billion in equity commitments from partners Global Infrastructure Partners, a part of BlackRock (GIP), GIC, Mubadala Investment Company (together, the Financial Investors).
NextDecade has an initial economic interest of 50% in Train 5, which will increase to 70% after the Financial Investors achieve certain returns on their investments in Train 5.
