Core Insights - NextDecade Corporation has made significant progress in its development and financing activities, particularly with the positive Final Investment Decisions (FIDs) for Train 4 and Train 5 at the Rio Grande LNG Facility, which are expected to enhance the company's liquefaction capacity and cash flow generation [2][3][7]. Development and Construction - As of September 2025, the overall project completion for Trains 1 and 2 at the Rio Grande LNG Facility is 55.9%, with engineering at 95.0%, procurement at 88.8%, and construction at 29.8% [3]. - Train 3 is 33.4% complete, with engineering at 70.8%, procurement at 67.2%, and construction at 4.5% [3]. - Train 4 has an expected LNG production capacity of approximately 6 million tonnes per annum (MTPA) and total project costs of about $6.7 billion, with substantial completion anticipated in the second half of 2030 [3]. - Train 5 also has an expected capacity of 6 MTPA, with similar project costs and a completion target in the first half of 2031 [3]. Strategic and Commercial Developments - In September 2025, NextDecade announced a 20-year LNG Sale and Purchase Agreement (SPA) with EQT Corporation for 1.5 MTPA from Train 5 and another SPA with ConocoPhillips for 1.0 MTPA from the same train [7]. - The company is advancing the permitting process for additional liquefaction capacity with Trains 6 through 8, which are expected to add approximately 18 MTPA to the total capacity [13][14]. Financial Overview - NextDecade closed approximately $6.7 billion in project financing for Train 4, which includes commitments from various financial partners and a senior secured bank credit facility [7]. - For Train 5, a similar financing structure was established, with total project costs also around $6.7 billion [7]. - The company holds significant equity interests in the joint ventures for Trains 4 and 5, entitling it to a substantial share of cash distributions during operations [12]. Regulatory and Environmental - The Federal Energy Regulatory Commission (FERC) issued a final supplemental Environmental Impact Statement for the first five liquefaction trains, reaffirming authorization for their construction and operation [7].