NextDecade Corporation provided a fourth-quarter 2025 business update covering construction progress, commercialization activity, financing, and regulatory developments for its Rio Grande LNG Facility. As of January 2026, overall completion was 64.5% for Trains 1 and 2 plus common facilities (engineering 97.8%, procurement 94.0%, construction 42.9%), 39.8% for Train 3 (engineering 88.0%, procurement 75.6%, construction 8.5%), 7.8% for Train 4 (engineering 28.1%, procurement 15.1%, construction 0.0%), and 3.3% for Train 5, with Train 5 progress primarily focused on procurement since its October 2025 final investment decision. The company said it expects to begin commissioning activities in 2026 and expects first LNG production from Train 1 in the first half of 2027. It also reported entering into LNG sales agreements year-to-date in 2026 for over 175 TBtu on an FOB basis, with fixed liquefaction fees expected to achieve a cargo margin of over $3.00 per MMBtu; the company said this represents 33% of expected open volumes from 2027 through early 2029. NextDecade reported that Train 5 and related infrastructure are expected to cost approximately $6.7 billion, with guaranteed substantial completion in the second quarter of 2031 and expected capacity of about 6 MTPA. It also said it closed an approximately $6.7 billion Train 5 project financing, including $1.29 billion of commitments from GIP, GIC and Mubadala, a $3.59 billion senior secured non-recourse bank facility, and $500 million of senior secured private placement notes at 6.56%, of which $150 million was issued in December 2025. On regulatory matters, the company said FERC’s August 2025 final order on remand reaffirming authorization for the first five trains is no longer appealable to FERC as of Oct. 30, 2025, and that a D.C. Circuit review petition filed in December 2025 remains pending.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. NextDecade Corporation published the original content used to generate this news brief via Business Wire (Ref. ID: 202603020800BIZWIRE_USPR_____20260302_BW222949) on March 02, 2026, and is solely responsible for the information contained therein.