Sempra and TotalEnergies are expanding their alliance through two memorandums of understanding (MOU)- one for Sempra Infrastructure's proposed Vista Pacífico LNG project in Mexico and a second MOU for a proposed offshore wind project in California under development by TotalEnergies, as well as other renewable energy and energy storage projects under development by Sempra Infrastructure in Northern Mexico.
The MOU for Vista Pacífico LNG contemplates TotalEnergies potentially contracting for approximately one-third of the long-term export production of the liquefied natural gas (LNG) facility under development on Mexico's West Coast, as well as TotalEnergies' potential participation as a minority equity investor in the project.
The second MOU provides a framework for broader cooperation in the development of North American renewable energy projects, including the potential acquisition by Sempra Infrastructure of a target of 30% of TotalEnergies' equity interest in a proposed offshore wind project, which would result in 24% of the project, in preparation for an upcoming auction off the coast of California. In addition, the MOU provides the framework for TotalEnergies' potential acquisition of equity participation targeting 30% in certain Sempra Infrastructure renewable and energy storage development projects in Northern Mexico.
