Sempra announced plans Monday to sell some of its energy infrastructure assets in Mexico to fund help fund a five-year, $56 billion capital expenditure program.
Last month the San Diego-based utility holding company that serves nearly 40 million customers said it would increase capital expenditures by 16%, with most of the spending focused on Texas and California.
“At Sempra, we continually review opportunities to realign our portfolio to support the growth and expansion of our Texas and California utilities, while also maintaining a strong balance sheet,” said Jeffrey W. Martin, chairman and CEO.
Sempra plans to sell Ecogas Mexico, which holds three utility franchises and distributes natural gas to more than 600,000 residential, commercial and industrial consumers in Mexico’s Mexicali, Chihuahua and La Laguna-Durango regions.
The company also plans to sell a minority stake in Sempra Infrastructure, which is developing liquefied natural gas export facilities and related pipeline and storage infrastructure. Earlier sales of minority stakes to Kohlberg Kravis Roberts & Co. and the Abu Dhabi Investment Authority raised billions of dollars.
Sempra, which owns San Diego Gas and Electric, said its goals are to divest non-core assets and strengthen its balance sheet while efficiently funding growth.
The transactions announced on Monday are expected to be completed over the next 12 to 18 months.
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