NextDecade Executes EPC Contract with Bechtel for Train 4 at the Rio Grande LNG Facility
06 August 2024 - 6:30AM
Business Wire
NextDecade Corporation (NextDecade or the Company) (NASDAQ:
NEXT) announced today that its subsidiary Rio Grande LNG Train 4,
LLC (Rio Grande LNG Train 4) has executed a lump sum turnkey
engineering, procurement and construction (EPC) contract with
Bechtel Energy Inc. (Bechtel) for the construction of Train 4 and
related infrastructure at the Rio Grande LNG Facility.
Rio Grande LNG Train 4 agreed to pay Bechtel approximately $4.3
billion for the work under the EPC contract for Train 4. Price
validity under the contract extends through December 31, 2024.
NextDecade currently projects that owner’s costs, contingencies,
financing fees and interest during construction will total
approximately $1.7-1.9 billion, based on current estimates and
expected interest rates. Total estimated project costs are expected
to be $6.0-$6.2 billion for Train 4 and related infrastructure, in
line with the per train cost of the three-train Phase 1 at the Rio
Grande LNG Facility, which is currently under construction.
NextDecade continues to target a positive Final Investment
Decision of Train 4 in the second half of 2024, subject to gaining
appropriate commercial support and obtaining adequate financing to
construct Train 4 and related infrastructure.
About NextDecade Corporation
NextDecade Corporation is an energy company accelerating the
path to a net-zero future. Leading innovation in more sustainable
LNG and carbon capture solutions, NextDecade is committed to
providing the world access to cleaner energy. Through our
subsidiaries Rio Grande LNG and NEXT Carbon Solutions, we are
developing a 27 MTPA LNG export facility in South Texas along with
one of the largest carbon capture and storage projects in North
America. We are also working with third-party customers around the
world to deploy our proprietary processes to lower the cost of
carbon capture and storage and reduce CO2 emissions at their
industrial-scale facilities. NextDecade’s common stock is listed on
the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is
headquartered in Houston, Texas. For more information, please visit
www.next-decade.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words
“anticipate,” “contemplate,” “estimate,” “expect,” “project,”
“plan,” “intend,” “believe,” “may,” “might,” “will,” “would,”
“could,” “should,” “can have,” “likely,” “continue,” “design,”
“assume,” “budget,” “guidance,” “forecast,” and "target," and other
words and terms of similar expressions are intended to identify
forward-looking statements, and these statements may relate to the
business of NextDecade and its subsidiaries. These statements have
been based on assumptions and analysis made by NextDecade in light
of current expectations, perceptions of historical trends, current
conditions and projections about future events and trends and
involve a number of known and unknown risks, which may cause actual
results to differ materially from expectations expressed or implied
in the forward-looking statements. Although NextDecade believes
that the expectations reflected in these forward-looking statements
are reasonable, it can give no assurance that the expectations will
prove to be correct. NextDecade’s actual results could differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in NextDecade’s periodic reports that are filed with and
available from the Securities and Exchange Commission.
Additionally, any development of subsequent trains at the Rio
Grande LNG Facility or CCS projects remains contingent upon
execution of definitive commercial and financing agreements,
securing all financing commitments and potential tax incentives,
achieving other customary conditions and making a final investment
decision to proceed. The forward-looking statements in this press
release speak as of the date of this release. NextDecade may from
time to time voluntarily update its prior forward-looking
statements, however, it disclaims any commitment to do so except as
required by securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20240805221950/en/
Investors Megan Light mlight@next-decade.com
832-981-6583
Media Susan Richardson srichardson@next-decade.com
832-413-6400
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