Rio Grande LNG Project Overview - Phase 1 (Trains 1-3) of the Rio Grande LNG Facility is under construction after achieving FID on July 12, 2023[13] - The project secured $18.4 billion in project financing, marking the largest greenfield energy project financing in U S history[13] - Phase 1 is supported by fixed-fee long-term LNG Sales and Purchase Agreements (SPAs) covering over 90% of its nameplate production capacity[17] - NextDecade expects an economic interest of up to 20 8% from Phase 1 operations[17] - Trains 1 and 2 are 8 1% complete as of September 2023, with engineering at 35 7%, procurement at 14 1%, and construction at 0 2%[21] Expansion Plans and Commercial Momentum - NextDecade is focused on expanding the LNG platform with Trains 4 and 5, leveraging Phase 1 agreements and commercial momentum[22] - Equity partner options are in place to potentially fund 60% of the equity financing required for each of Train 4 and Train 5[23] - TotalEnergies holds LNG SPA options for approximately 32% of the minimum expected contracted volume for each of Train 4 and Train 5[23] - The company is targeting a positive FID on Train 4 in the second half of 2024[24] Carbon Capture and Storage (CCS) Initiatives - NextDecade is committed to developing more sustainable LNG with lower emissions through project design, responsibly sourced gas, a pledge to use net-zero power, and planned carbon capture and storage[12] - The company plans to capture up to 5 million metric tonnes per annum (mta) of CO2 at the Rio Grande LNG Facility, aiming to produce the lowest carbon-intensive LNG in North America[109]

Rio Grande LNG Project Overview - Phase 1 (Trains 1-3) is fully funded and under construction, with a final investment decision (FID) achieved on July 12, 2023, for 17.6 MTPA of liquefaction capacity[12, 13] - Phase 1 secured $18.4 billion in project financing concurrently with FID[13] - Total equity commitments for Phase 1 amount to $6.1 billion, with NextDecade's equity commitment at approximately $283 million[17] - Project debt financing for Phase 1 totals $12.3 billion, including $11.1 billion in construction term loan facilities[17] - Over 90% of Phase 1 liquefaction capacity is supported by fixed-fee long-term LNG Sales and Purchase Agreements (SPAs)[17] Expansion Plans and Financing - NextDecade expects to fund 40% of equity financing required for each of Train 4 and Train 5, for an expected initial economic interest of 40%, increasing to 60% when equity partners receive certain returns[23] - TotalEnergies holds LNG purchase options for 1.5 MTPA in each of Trains 4 and 5 for 20-year free on board (FOB) LNG SPAs indexed to Henry Hub[24] - Approximately 3 MTPA of additional contracted volumes from Train 4 are expected to be needed to support project financing[26] Financial Transactions and Liquidity - NextDecade LNG, LLC entered into a $50 million senior secured revolving credit facility in January 2024 for general corporate purposes, including Train 4 development costs[27] - Rio Grande LNG, LLC (Rio Grande) entered into $251 million of senior secured loans in December 2023, reducing commitments under existing bank credit facilities for Phase 1[27] - Rio Grande issued $190 million of senior secured notes in a private placement transaction in February 2024, further reducing Phase 1 bank credit facility commitments[27] LNG Market and Demand - Estimated demand growth scenario calls for approximately 370 MTPA of incremental LNG supply by 2040[34] - Existing global regas infrastructure can accommodate a significant increase in LNG supply, with an additional ~370 MTPA of LNG supply expected to be needed by 2040[44] Carbon Capture and Storage (CCS) - Planned CCS project at Rio Grande LNG Facility expects to capture up to 5 million mta of CO2[109] - Approximately 650 U.S facilities reporting ≥1MM MTA of CO2 emissions, totaling ~1.75 billion MTA total CO2 emissions[99]

Rio Grande LNG Facility Phase 1 Construction and Financing - Rio Grande LNG Phase 1 achieved FID in July 2023 for Trains 1-3 with 17.6 MTPA liquefaction capacity[13, 49] - Project financing of $18.4 billion fully funds Phase 1 construction[49] - Phase 1 is supported by fixed-fee long-term LNG SPAs covering over 90% of liquefaction capacity[55] - NextDecade's expected economic interest in Phase 1 is up to 20.8%[55] - Trains 1 and 2 overall project completion is 18.2%, with engineering at 54.9%, procurement at 34.4%, and construction at 1.9%[16] - Train 3 overall project completion is 6.9%, with engineering at 5.2%, procurement at 16.7%, and construction at 0.0%[16] Train 4 Development and Expansion - Targeting positive FID on Train 4 in 2H 2024[20] - TotalEnergies holds an LNG purchase option for 1.5 MTPA from Train 4[22] - Approximately 3 MTPA of additional contracted volumes from Train 4 are expected to be needed to reach FID[22] - Phase 1 equity partners hold options to fund a cumulative 60% of the equity of Train 4[22] LNG Market and Demand - Estimated demand growth scenario calls for ~375 MTPA of incremental LNG supply by 2040[30] - Existing global regas infrastructure can accommodate a significant increase in LNG supply, with an additional ~375 MTPA of LNG supply expected to be needed by 2040[41] Carbon Capture and Storage (CCS) - Planned CCS project at Rio Grande LNG Facility expects to capture up to 5 million MTPA of CO2[119]