Norton Rose Fulbright closes US$4.5 billion in debt financings for NextDecade’s Rio Grande LNG Train 4

A cross-border team from Norton Rose Fulbright guided the lenders in connection with two concurrent financing transactions totaling more than US$4.5 billion in secured loans for the development and construction of the fourth liquefaction plant (Train 4) at NextDecade LNG's Rio Grandeproject. The closing occurred on September 9, 2025.

Located in Brownsville, Texas, the facility represents one of the largest liquefied natural gas (LNG) projects in the world with approximately 48 million tonnes per annum (MTPA) of potential liquefaction capacity currently under construction or in development.

Train 4 has an expected production capacity of 6 MTPA and is projected to be fully operational in 2030. It is commercially supported by 4.6 MTPA of 20-year LNG sale and purchase agreements with Abu Dhabi National Oil Company (ADNOC), TotalEnergies and Aramco.

Norton Rose Fulbright's cross-border and multidisciplinary deal team was led by the firm's Global Co-Head of Energy, Noam Ayali, and projects partner Rebecca Abou-Chedid (Washington, DC).

The team also included Natascha Veenendaal (Amsterdam), Amy Mitchell, Paula Daniel (Austin), Jesse Hollingsworth (Dallas), Bob Greenslade (Denver), Jennifer Hanna (Dubai), Jason Boland, Caileen (Kat) Gamache, John Ngunjiri (Houston), Matthew Seeberger, Danny Costandy (Los Angeles), Charez Golvala, Holly Stebbing, Tim Ikramov, India Furse, Kushni Ulapane (London), Marian Baldwin Fuerst, Roy Goldman, Marjorie Glover, Charles Hord, Patrick Narvaez, Kevin Prokup, Laura Salazar Alvarez, Tobi Amoo, Grace Choi, Danielle Donofrio (New York), Akihiko Takamatsu (Tokyo), Marissa Leigh Alcala, Jake Falk, Jonathan Franklin, Stefan Reisinger, Keith Rosen, Thomas Hirsch, Brian Plunkett, Tian Bai, Justin Goushas, Vanessa Ishimwe and Chris Psihoules (Washington, DC).