NextDecade Corporation has secured $1.8 billion in funding from TotalEnergies and Global Infrastructure Partners (GIP) to advance development of Train 4 at its Rio Grande LNG project in Texas.

According to a filing with the U.S. Securities and Exchange Commission, GIP will contribute $1.5 billion for a 50% stake, while TotalEnergies will invest $300 million for a 10% stake. NextDecade will also invest $1.2 billion, retaining the remaining interest. The transaction is subject to a final investment decision (FID), which the company aims to reach by September 2025.

If the project achieves certain investment returns, NextDecade's ownership in Train 4 could increase to 60%, while GIP's share would reduce to 30%.

In April, TotalEnergies Gas & Power North America signed a 20-year sale and purchase agreement for 1.5 million tonnes per annum (mtpa) of LNG from Train 4, priced on a Henry Hub-indexed basis. The deal is contingent on a positive FID.

To date, NextDecade has contracted 4.6 mtpa of LNG from Train 4 and believes its current long-term commercial agreements are sufficient to support the FID. An EPC contract valued at $4.3 billion was signed with Bechtel in August 2024.

This funding milestone follows a recent 20-year, 2 mtpa offtake agreement with JERA for LNG from Train 5, reinforcing NextDecade's strategic progress in U.S. LNG development.