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HOUSTON - NextDecade Corporation (NASDAQ:NEXT) has begun the pre-filing process with the Federal Energy Regulatory Commission (FERC) for an expansion of its Rio Grande LNG facility, the company announced Monday. The $1.51 billion market cap company is pursuing this expansion despite its stock having fallen nearly 26% year-to-date, according to InvestingPro data.
The proposed expansion includes a sixth liquefaction train and an additional marine berth at the Brownsville, Texas site. NextDecade expects to submit a full application to FERC in 2026.
The company currently has five trains under construction at the Rio Grande LNG facility, with the expansion representing the next phase of its growth strategy.
"With five trains now under construction at Rio Grande LNG and space at the site to potentially double capacity, we are intently focused on the next phase of growth for NextDecade," said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer, in a press release statement.
The Rio Grande LNG project has approximately 48 million tonnes per annum (MTPA) of potential liquefaction capacity currently under construction and in development. According to the company, the site has sufficient space for up to 10 liquefaction trains.
NextDecade is also developing a potential carbon capture and storage project at the facility.
The company describes its mission as providing reliable and cleaner energy while developing natural gas liquefaction capacity at the Rio Grande LNG facility.
In other recent news, NextDecade Corporation has made significant strides in advancing its Rio Grande LNG project. The company announced positive Final Investment Decisions (FIDs) for Trains 4 and 5, securing approximately $13.4 billion in total project financing. Train 4 is expected to cost $6.7 billion with a production capacity of 6 million tonnes per annum (MTPA), while Train 5 shares similar financial and production metrics. In related developments, NextDecade has amended its credit agreement to include a new $50 million loan, with terms allowing conversion to common stock under specific conditions. Additionally, the company has experienced a leadership change, with CFO Brent Wahl resigning to join a digital infrastructure company. Mike Mott has been appointed as the Interim Chief Financial Officer during the transition period. These developments reflect the company’s ongoing efforts to expand and finance its projects effectively.
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