Diameter Capital backs $5B Delfin LNG project as first US floating export terminal advances

What's the deal? Diameter Capital has made a growth equity investment in Delfin MidstreamDealroom has a profile for this one. Try Dealroom →, the developer behind the Delfin LNGDealroom has a profile for this one. Try Dealroom → project. Vinson & ElkinsDealroom has a profile for this one. Try Dealroom → served as legal counsel to Diameter Capital on the deal, announced in July 2026.

What's the endgame? Delfin is building the first floating liquefaction facility in the United States. The project reached a $5 billion Final Investment Decision for its first floating LNG vessel on June 3, 2026.

Why now? The investment lands just weeks after that Final Investment Decision — a quick move to fund a project that has cleared its most significant financing milestone.

The signal: Capital is flowing toward US LNG export infrastructure, and Delfin's floating design marks a new approach for the sector. Diameter Capital's backing signals investor appetite for large-scale energy projects that have moved past the earliest stages of risk.

Read more: Vinson & Elkins

Image credit: Chris Allen