U.S. Sempra Energy’s unit to offload gas storage facilities for $332 mln

U.S.-based energy services holding company Sempra Energy revealed that its unit has agreed to divest its natural gas storage facilities in the U.S. for $332 million in cash, subject to working capital adjustments.

Sempra Energy’s unit will offload its non-utility solar asset to an affiliate of U.S.-based infrastructure investment firm ArcLight Capital Partners to further strengthen its balance sheet and support growth opportunities.

The divestment is expected to be completed in the first quarter 2019, subject to customary closing conditions.

Sempra Energy’s subsidiary also plans to acquire the other 9 percent stake from a minority owner and include it in the sale to ArcLight. In 2017, Sempra Energy booked revenues of more than $11 billion.