(Reuters) -U.S. liquefied natural gas company Venture Global ( VG ) said on Monday it has decided to go ahead with the construction of its CP2 export facility in Louisiana after it closed $15.1 billion in financing for the first phase of the project.

Venture Global's ( VG ) stock rose 5% as investors cheered the decision, which promises to boost the company's export capacity by more than 70% within two years. It is the third positive final investment decision for a U.S. LNG export project since January. It also will help cement the U.S. position as top global supplier of the superchilled fuel.

"We are extremely proud to have taken FID on our third greenfield project in under six years with over $80 billion in capital markets transactions executed to date," Venture Global ( VG ) CEO Mike Sabel said.

With an expected production of 28 million metric tons per annum (MTPA), CP2 will lift Venture Global's ( VG ) export capacity 67.2 million MTPA by 2027, from 39.2 million MTPA now, according to company filings.

That would make it the country's top LNG export company ahead of Cheniere Energy.

A mere startup three years ago, Venture Global ( VG ) has quickly become a major U.S. LNG exporter by producing LNG even as its export facilities remain under construction. Last month its two existing plants, Plaquemines and CP1, exported over 2 million MT, according to data from financial firm LSEG.

The announcement followed positive financial decisions on two other U.S. LNG export facilities this year. Cheniere approved its midscale Trains 8 & 9, and Woodside Energy ( WDS ) gave the go-ahead on its Louisiana project.

Several other proposed LNG projects await a decision.

The industry has enjoyed strong global demand and policy support from U.S. President Donald Trump, who returned to office in January promising to unleash U.S. energy. He also reversed a freeze on new export permits.

The U.S. is the world's top LNG exporter with total capacity expected to reach 115 million MTPA this year, according to the U.S. Energy Information Administration.

Venture Global ( VG ) said the lender group for the construction financing included Bank of America ( BAC ), Barclays ( BCS ) and BayernLB, among other U.S., Europe and Asia-based banks.

Venture Global ( VG ) said it now has a total contracted capacity of 43.5 MTPA across all three of its projects in Louisiana.

The company's stock also got a boost from the European Union's pledge of $750 billion worth of strategic purchases, part of a sweeping trade pact.

Below is a list of other U.S LNG projects that could get to FID before the end of the year.

Project Capacity

Port Arthur

Phase 2 13 MTPA

Commonwealth

LNG 9.5 MTPA

Lake Charles

16.5 MTPA

Next Decade

Train 4 5.4 MTPA