Glenfarne Group has begun seeking financing partners for its Texas LNG project, according to a Bloomberg report citing the company. Mizuho Financial Group and Canada’s Imperial Bank of Commerce (CIBC) have been appointed as financial advisers for the effort.
The financing push follows Glenfarne’s recent commercial progress, including a 20-year LNG offtake agreement with Australia’s Macquarie Group, announced in early December. Under the deal, Macquarie will purchase 500,000 tonnes of LNG per year. Earlier in 2025, Glenfarne also signed a long-term supply agreement with commodities trader Gunvor for a similar annual volume.
The Texas LNG facility, planned at the Port of Brownsville, will have a total production capacity of 4 million tonnes per annum (mtpa). The project faced legal challenges last year when the Sierra Club sought to block it, arguing that the Federal Energy Regulatory Commission (FERC) had failed to adequately assess its climate impacts. FERC ultimately reaffirmed its approval and reissued the permit.
Texas LNG is part of a broader wave of new export projects expected to come online later this decade, a trend that analysts say could lead to an oversupplied global LNG market by 2030. While the United States is leading this expansion, some analysts caution that not all proposed projects will reach final construction.
Against this backdrop, U.S. LNG exporters recorded a banner year in 2025, shipping a record 111 million tonnes and solidifying the country’s position as the world’s largest LNG exporter. Europe remained the primary destination as it continued to replace Russian pipeline gas and manage seasonal demand. Approximately 9 million tonnes were shipped to Europe in December alone. Turkey significantly increased its imports toward year-end, purchasing more U.S. LNG in December than the entire Asian market, while Asia imported 1.23 million tonnes during the month. Egypt also emerged as a notable buyer amid domestic gas supply constraints.