Sempra Sells $10 Billion Infrastructure Stake, Greenlights Port Arthur LNG Phase 2
Sempra has announced a $10 billion sale of a 45% stake in Sempra Infrastructure Partners and reached FID on Port Arthur LNG Phase 2, a $12 billion expansion with operations slated for 2030–2031.
(P&GJ) — Sempra gas announced two major transactions on Sept. 23: the $10 billion sale of a 45% stake in Sempra Infrastructure Partners and a final investment decision (FID) for Port Arthur LNG Phase 2.
The equity sale transfers majority ownership of Sempra Infrastructure Partners to a KKR-led consortium with CPP Investments, while Sempra will retain a 25% stake and Abu Dhabi Investment Authority will hold 10%. The transaction, expected to close in Q2–Q3 2026, values Sempra Infrastructure Partners at $31.7 billion.
“The transactions announced today further Sempra’s corporate strategy by advancing the company’s capital recycling program and transition to a leading U.S. utility growth business,” said Jeffrey W. Martin, chairman and CEO of Sempra.
The sale proceeds are structured with 47% cash received at closing, 41% by year-end 2027, and the remainder about seven years later, allowing Sempra to fund its 2025–2029 capital plan without issuing new equity.
Alongside the equity sale, Sempra Infrastructure Partners reached FID on Port Arthur LNG Phase 2 in Texas. The expansion, with Bechtel Energy contracted to build, includes two liquefaction trains, one storage tank, and related facilities with 13 million tonnes per annum of capacity. Commercial operations are scheduled for 2030 and 2031.
The $12 billion project, plus $2 billion for shared facilities, is backed by a $7 billion minority equity investment led by Blackstone Credit & Insurance with partners including KKR, Apollo-managed funds, and Goldman Sachs Alternatives. Offtake agreements are secured with ConocoPhillips, EQT, JERA Co. Inc., and Sempra Infrastructure Partners.
Sempra said the transactions sharpen its focus on regulated U.S. utilities, strengthen its balance sheet, and highlight its LNG portfolio’s value.
Pictured above: Port Arthur LNG Rendering