OR WAIT null SECS
The company sold its 42% non-controlling interest to KKR.
Sempra Infrastructure sold to KKR its 42% indirect, non-controlling interest in its Port Arthur LNG Phase 1 project. Sempra Infrastructure, according to the terms of the transaction, will retain a controlling 28% indirect interest in Phase 1 at the project level while ConocoPhillips will own the remaining 30% interest.
"The closing of this transaction continues the positive momentum of our Port Arthur LNG facility and highlights Sempra Infrastructure's ability to access capital to support the growth of its infrastructure business," said Justin Bird, CEO of Sempra Infrastructure. "We remain committed to developing energy infrastructure projects with strong partners to continue growing our portfolio while advancing global decarbonization and energy security."
In March 2023, Sempra Infrastructure reached a positive final investment decision for Port Arthur LNG Phase 1 and contracted Bechtel Energy Inc. to build the project.
"We are pleased to close our investment in this critical energy infrastructure project led by the Sempra Infrastructure team," said James Cunningham, Partner at KKR. "Port Arthur LNG Phase 1 has continued its strong momentum and is on track to meet its objectives of helping to deliver energy security, economic growth and a near-term supply of reliable and cleaner energy."
Since construction began in spring 2023, more than 2.8 million hours of work have been completed. The expected commercial operation dates for Train 1 and Train 2 are 2027 and 2028, respectively.