NextDecade secures financing and contracts for LNG facility expansion

NextDecade Corporation (NASDAQ: NEXT) announced progress on its Rio Grande LNG facility construction and expansion plans, including new financing arrangements and commercial agreements for additional liquefaction trains.

The company completed commercialization of Train 4 through 20-year agreements with Saudi Aramco for 1.2 million tonnes per annum and TotalEnergies for 1.5 million tonnes per annum. These agreements join an existing contract with ADNOC to support Train 4's development.

For Train 5, NextDecade signed a 20-year agreement with JERA for 2 million tonnes per annum in May 2025. The company continues seeking an additional 2.5 million tonnes per annum in contracts to support Train 5's final investment decision.

Construction progress on Phase 1 remains on schedule. As of June 2025, Trains 1 and 2 with common facilities reached 48.3% completion, while Train 3 achieved 22.7% completion. Engineering for Trains 1 and 2 was 91.9% complete, with procurement at 80.6% and construction at 21.2%.

NextDecade increased its senior secured loan by $50 million to $225 million total, with the incremental proceeds used for working capital and development expenses. The loan carries 12% interest and matures December 31, 2030. The company also issued warrants for approximately 2 million shares exercisable at $9.30 per share.

The company finalized engineering, procurement and construction contracts with Bechtel for both Train 4 and Train 5, with pricing validity extending through September 15, 2025. NextDecade targets final investment decisions for both trains by mid-September 2025, subject to securing adequate financing.

In July 2025, the Federal Energy Regulatory Commission issued a final supplemental environmental impact statement for the first five trains, with a final order anticipated by November 20, 2025.

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