Sempra, the energy infrastructure giant based in San Diego, is shaking up its investment strategy with plans to sell some of its energy assets in Mexico. The company aims to use the proceeds from these sales to bolster a wide-ranging $56 billion capital investment program that focuses on expanding and improving its utility services in Texas and California. According to a Times of San Diego report, Sempra serves an impressive nearly 40 million customers and is eyeing these divestitures as a strategic move to align its portfolio with its growth ambitions.
This move comes on the heels of prior asset sales, including the sale of minority stakes in its infrastructure division to heavyweights like Kohlberg Kravis Roberts & Co. and the Abu Dhabi Investment Authority, which, together, netted the company billions of dollars in fresh capital. Sempra’s top brass believes that the additional sales will continue to strengthen the company’s financial health. “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,” Jeffrey W. Martin, chairman and CEO, stated in a release reported by Sempra’s newsroom.
Specifically, Sempra has its sights set on selling Ecogas Mexico, a company with three utility franchises that provides natural gas distribution to over 600,000 consumers across several key regions in Mexico. The company also intends to part ways with a minority stake in Sempra Infrastructure Partners, a division touted for developing liquefied natural gas (LNG) export facilities and accompanying pipeline and storage infrastructure. These assets hold significant value given their role in the evolving North American energy market, where LNG continues to play a pivotal role as a clean energy source…