Wednesday, April 14 2021 Member Information   |    Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Gas News
Today's News
Yesterday's News
Week of Apr 12
Week of Apr 05
Week of Mar 29
Week of Mar 22
Week of Mar 15
By Topic
By News Partner
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Gas News > News Article

    Share by Email E-mail Printer Friendly Print

    Cameron LNG majority owners on track to be flush with cash for potential expansion


    April 7, 2021 - Kristen Mosbrucker, The Advocate, Baton Rouge, La.

     

      Apr. 6—California utility giant Sempra Energy signed a $3.37 billion deal with private equity firm KKR to sell a 20% stake in its infrastructure division which includes liquified natural gas export terminals.

      Sempra Energy has a majority stake in an LNG export terminal in Cameron Parish, which is considering expansion. The company may decide to use some of that windfall to invest in its infrastructure business, though most of it is earmarked for utilities.

      Sempra LNG previously told federal regulators it anticipates making a final investment decision about the expansion plan by the end of June. That's also when the deal between Sempra Infrastructure Partners and KKR is expected to close. Sempra is valued to be worth $25.2 billion overall since it includes 45 million tons per year of LNG under construction or operational across North America,

      KKR is based in New York City and was co-founded in 1976 by Henry Kravis and George Roberts. It now has more than $200 billion in total assets and more than 100 portfolio companies. Inside that total, one of its funds has $27 billion of infrastructure assets across 40 businesses around the world.

      "Investing in critical new energy infrastructure creates jobs, delivers reliable energy with fewer emissions and supports North America's economic recovery," said Raj Agrawal, global head of infrastructure and KKR partner in a news release.

      Cameron LNG is jointly owned by affiliates of Sempra LNG, Total SE, Mitsui & Co. Ltd. and Japan LNG Investment LLC, a company jointly owned by Mitsubishi Corp. and Nippon Yusen Kabushiki Kaisha. Sempra Energy indirectly owns 50.2% of Cameron LNG.

      Cameron LNG exports up to 12 million tons of LNG each year from three units at its export terminal, the equivalent of 1.7 billion cubic feet each day. A proposed expansion of Cameron LNG could add two more units to the site, boosting its export capacity to nearly 25 million tons each year. That's nearly as large the competing Cheniere Energy Sabine Pass LNG terminal.

      "Proceeds from the sale will be used to help fund growth across our $32 billion capital program which is primarily centered on our U.S. utilities, but also includes investments in our infrastructure business," said Kelli Mleczko, spokesperson for Sempra Energy in a recent email.

      ___

      (c)2021 The Advocate, Baton Rouge, La.

      Visit The Advocate, Baton Rouge, La. at www.theadvocate.com

      Distributed by Tribune Content Agency, LLC.

    TOP

    Other Articles - Generation


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2021 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.