Sempra announced two major moves Sept. 23 — a $10 billion sale of a 45% stake in Sempra Infrastructure Partners and a final investment decision on its Port Arthur LNG Phase 2 project in Texas, according to GasProcessingNews.com.
The equity sale will shift majority ownership of Sempra Infrastructure Partners to a consortium led by KKR with CPP Investments. Sempra will retain a 25% stake, and the Abu Dhabi Investment Authority will hold 10%. The deal, which values the business at $31.7 billion, is expected to close in late 2026.
Sempra said sale proceeds will arrive in phases — 47% at closing, 41% by year-end 2027, and the balance about seven years later — allowing the company to fund its 2025–2029 capital plan without issuing new equity.
“The transactions announced further Sempra’s corporate strategy by advancing the company’s capital recycling program and transition to a leading U.S. utility growth business,” Jeffrey W. Martin, Sempra’s chairman and CEO, said in a statement.
Separately, Sempra Infrastructure Partners reached a final investment decision for Port Arthur LNG Phase 2. The $12 billion project, with $2 billion in shared facilities, will add two liquefaction trains, one storage tank and related infrastructure with 13 million metric tons per year of capacity.
Bechtel Energy is contracted to build the project, with commercial operations scheduled for 2030 and 2031.
Backed by a $7 billion minority equity investment led by Blackstone Credit & Insurance, along with KKR, Apollo-managed funds and Goldman Sachs Alternatives, the project has secured offtake agreements with ConocoPhillips, EQT, JERA Co. Inc. and Sempra Infrastructure Partners.
Justin Bird, CEO of Sempra Infrastructure, called the decision “a decisive milestone not only for Sempra Infrastructure, but for the entire Port Arthur community and the Texas Gulf Coast.”
“By building on the strong foundation laid by Phase 1 that is currently under construction, we are amplifying economic opportunity, creating thousands of skilled jobs and delivering lasting benefits that will impact the entire Gulf Coast region,” Bird said. “Our commitment to operational excellence will help this project safely drive sustainable growth and help shape the future of global energy markets for decades to follow.”
Sempra said the transactions will strengthen its balance sheet, sharpen its focus on regulated U.S. utilities and underscore the value of its LNG portfolio.
— Dannie Oliveaux | DannieOliveaux@TheExaminer.com
