NextDecade Advances $13.4 Billion Expansion at Rio Grande LNG; Phase 1 Ahead of Schedule

NextDecade advanced $13.4 billion in new LNG capacity at its Rio Grande project, achieving FIDs on Trains 4 and 5 and reporting Phase 1 construction 55.9% complete. New SPAs with EQT and ConocoPhillips strengthen LNG demand as U.S. feed gas exports rise.

(P&GJ) — NextDecade Corporation reported significant progress on its flagship Rio Grande LNG project in Brownsville, Texas, during the third quarter of 2025, achieving positive Final Investment Decisions (FIDs) on Trains 4 and 5 and advancing Phase 1 construction ahead of schedule.

Chairman and CEO Matt Schatzman called the period “transformative” as the company expanded its total committed capacity to 30 MMtpa across five trains, or roughly 5% of global liquefaction capacity projected for the early 2030s. Schatzman added that the company is already evaluating Trains 6–8, which could double site capacity to nearly 60 MMtpa.

Construction and Engineering Progress

Under its EPC partnership with Bechtel Energy, overall project completion for Trains 1–2 and common facilities reached 55.9% as of September, including 95% engineering, 89% procurement, and 30% construction. Work on Train 3 is one-third complete, while site fabrication and foundation work continues across the 1,000-acre site. Roof raises were completed on two LNG storage tanks, and the first compressor string for Train 1 arrived in September.

Construction began on Train 4 in September and Train 5 in October, each with an expected capacity of 6 MTPA and estimated project costs of $6.7 billion. Train 4 is expected online in 2030, and Train 5 in 2031.

Strategic LNG Offtake and Financing

NextDecade signed new 20-year Sale and Purchase Agreements (SPAs) with EQT Corporation (1.5 MMtpa) and ConocoPhillips (1.0 MMtpa) for LNG supply from Train 5, both Henry Hub–indexed and FOB-based.

The company also closed over $13.4 billion in project financing across both trains, backed by Global Infrastructure Partners (BlackRock), GIC, Mubadala Investment Company, and TotalEnergies, alongside $7.4 billion in senior secured, non-recourse bank facilities.

Regulatory and Permitting Progress

FERC issued a final supplemental environmental impact statement in July and reaffirmed approval for the first five trains in August. The order became final in October, eliminating further appeal risk and solidifying the project’s regulatory standing.

Located along the Brownsville Ship Channel, the Rio Grande LNG facility connects directly to Permian and Eagle Ford gas supply via regional pipelines, positioning it as a cornerstone of future U.S. Gulf Coast LNG exports.