NextDecade announced on Thursday, October 17 2025, that it had achieved a positive final investment decision (FID) and completed the financial close for Train 5 of its Rio Grande LNG facility in Brownsville, Texas. The decision marks the second FID for the company in just over a month, following the earlier approval of Train 4.
Train 5 is expected to add approximately 6 million tonnes per annum (MTPA) of LNG production, bringing the total LNG capacity under construction at Rio Grande to roughly 30 MTPA. The project is commercially supported by 4.5 MTPA of 20‑year sale and purchase agreements with JERA, EQT Corporation and ConocoPhillips, providing a robust revenue base once operations commence.
The total cost of Train 5 and related infrastructure is estimated at $6.7 billion, and NextDecade has secured an equivalent amount in financing. The company received $117 million in development and management services from Rio Grande LNG Train 5, LLC, and used $233 million of cash on hand along with $1.33 billion in term loans—including a $729 million delayed‑draw bank facility and a $600 million term loan—to fund its equity commitments without materially diluting common shareholders.
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