Sempra Infrastructure, a subsidiary of Sempra, has announced the completion of the sale of a 42 percent indirect, non-controlling interest in its Port Arthur LNG Phase 1 project to KKR. The transaction, which closed in accordance with the terms previously disclosed, allows Sempra Infrastructure to retain a controlling 28 percent indirect interest in Phase 1, while ConocoPhillips now owns the remaining 30 percent interest.
The CEO of Sempra Infrastructure, Justin Bird, expressed his satisfaction with the closing of the transaction, stating that it demonstrates the positive momentum of the Port Arthur LNG facility and highlights Sempra Infrastructure’s ability to access capital for the growth of its infrastructure business. He also emphasised their commitment to developing energy infrastructure projects with strong partners to advance global decarbonisation and energy security.
James Cunningham, a partner at KKR, expressed their pleasure in closing the investment in the energy infrastructure project led by Sempra Infrastructure. He stated that Port Arthur LNG Phase 1 has shown strong momentum and is on track to meet its objectives of delivering energy security, economic growth, and a near-term supply of reliable and cleaner energy.
Sempra Infrastructure made a final investment decision for Port Arthur LNG Phase 1 earlier this year and contracted Bechtel Energy Inc. for the project’s construction. Construction began in the spring, and over 2.8 million hours of work have been completed with no lost-time incidents. The expected commercial operation dates for Train 1 and Train 2 are 2027 and 2028, respectively.
Sempra Infrastructure, headquartered in Houston, focuses on delivering clean power, energy networks, LNG, and net-zero solutions. They aim to play a crucial role in the energy systems of the future by connecting customers across the globe to modern energy infrastructure for renewables and natural gas, while advancing carbon sequestration and clean hydrogen.
The completion of this sale marks another milestone for Sempra Infrastructure as it continues to expand its portfolio and contribute to the development of a sustainable energy future.
For more information visit www.semprainfrastructure.com
