Investment firm Stonepeak has raised approximately $2.5 billion through private bonds linked to its investment in a major liquefied natural gas (LNG) export project in Louisiana, highlighting continued institutional interest in U.S. energy infrastructure.
The bond issuance was completed by Stonepeak Wallaby I Acquiror LP, the holding company that manages Stonepeak’s stake in the Louisiana LNG Infrastructure project. The transaction was arranged by Mizuho Financial Group and RBC as a private placement.
Stonepeak acquired a 40% stake in the Louisiana LNG project from Woodside Energy Group in 2025 after the project reached its final investment decision. The company committed billions of dollars toward early-stage construction costs while Woodside retained ownership of the remaining stake and continues to operate the facility.
Located in Calcasieu Parish, Louisiana, near Lake Charles, the LNG facility is part of the U.S. Gulf Coast energy corridor. The first phase of development includes three liquefaction trains with a combined capacity of 16.5 million tonnes per annum, while the fully permitted site has the potential to support up to five trains.
The latest financing follows earlier debt arrangements, including a $6 billion acquisition financing package completed in 2025 and a previous $2 billion private bond refinancing later that year. The new bond deal helps restructure project-level financing by extending debt maturity and improving Stonepeak’s capital position.
Construction of the LNG facility is currently underway, with groundbreaking completed in 2025. The foundation phase has progressed with the first train moving slightly ahead of schedule. First LNG production is expected in 2029, with full foundation capacity targeted for completion by 2031.
The refinancing reflects strong confidence from private credit investors in long-term LNG infrastructure. Institutional investors such as pension funds, insurers, and infrastructure-focused funds are increasingly turning to private markets for assets supported by long-term energy demand.
However, the project still faces challenges, including construction risks, evolving global LNG demand, regulatory changes, and the need to secure additional long-term customer contracts.
The deal highlights the growing role of private capital in supporting large-scale energy projects and shows continued investor interest in U.S. LNG infrastructure despite ongoing debates around energy policy and the global transition toward lower-carbon energy sources.
Stonepeak’s successful refinancing strengthens the position of Louisiana LNG as a major U.S. export project with access to significant financial backing.
