Sempra Energy completes sale of natural gas assets to ArcLight Capital Partners
Sempra Energy has announced that it has completed the sale of its non-utility U.S. natural gas storage facilities to an affiliate of ArcLight Capital Partners for US$328 million in cash, subject to customary post-closing adjustments.
The non-utility natural gas storage assets included in the sale are the Mississippi Hub storage facility in Simpson County, Miss., with a working capacity of 22.3 billion cubic feet (Bcf) of natural gas, and the Bay Gas storage facility in Southwest Alabama, which comprises five underground caverns with a working capacity of 20.4 Bcf of natural gas.
The sale included Sempra Energy's approximate 91% stake in Bay Gas. Immediately prior to the sale, Sempra Energy's subsidiary acquired the approximate 9% interest from a minority owner and included it in the sale to ArcLight. ArcLight owns now 100% of Mississippi Hub and Bay Gas.
ArcLight's affiliate Enstor Gas will operate the facilities going forward.
Sempra Energy's financial advisor for this transaction is Wells Fargo Securities, LLC, and its legal advisor is Jones Day.
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