- Closing the sale of 10% of the non-controlling interest in Sempra Infrastructure Partners to a subsidiary of the Abu Dhabi Investment Authority for $1.73 billion
- Generate additional capital for financing history 36 billion dollars capital plan
San DiegoAnd the June 1, 2022 /PRNewswire/- simbra (New York Stock Exchange: SRE(BMV: SRE) today that it has completed the sale of a 10% non-controlling interest in Sempra Infrastructure Partners (Sempra Infrastructure) to $1.73 billion Cash for a subsidiary of the Abu Dhabi Investment Authority. The deal, which was previously announced on December 2021means the enterprise value of Sempra Infrastructure of $25.9 billionincluding its proportionate equity share of net debt of approx $8.6 billion.
With the closing of the indicated transaction, Sempra now owns 70% of the controlling shares in Sempra Infrastructure, and KKR and ADIA own 20% and 10% of the non-controlling shares respectively.
“The completion of this transaction represents an exciting milestone for Sempra Infrastructure as we work to enhance energy security and provide low-carbon, net-zero energy solutions to customers in North Amarica and around the world” Jeffrey W. Martin, Chairman and CEO of Sempra. “Also, with growing recognition of America’s role in supporting the stability of energy markets in the… Europe And the AsiaThis transaction sends a clear signal about the value and potential growth prospects of our infrastructure platform. “
Sempra Infrastructure is currently developing several world-class projects in North Amarica, including liquefied natural gas (LNG) export projects that are uniquely positioned to serve customers in both the Pacific and Atlantic markets, as well as new opportunities in renewable energy, carbon capture and sequestration, hydrogen and ammonia. Leveraging the strength of the investment-level balance sheet, the company is focused on making significant new investments that expand power grids in the United States and Mexico To support improved energy and climate security.
Khadem Al Rumaithi, Executive Director of Infrastructure Department at ADIA, said: “Simpra Infrastructure plays an important role in modernizing power grids and facilitating energy transition. Since the announcement of our investment, our strategic partnership with Sempra and KKR has continued to strengthen, and we look forward to supporting Sempra Infrastructure. As it expands its leading position in the energy transition.”
The completed transaction provides that ADIA will enjoy certain customary minority rights in relation to Sembra’s infrastructure in proportion to its investment.
Sempra’s mission is to be North Amarica Leading Energy Infrastructure Company. The Sempra family of companies includes 20,000 talented employees who provide energy for nearly 40 million consumers. with more than 72 billion dollars In total assets at the end of 2021, the San DiegoBased in the company that owns one of the largest power networks in the world North Amarica Helping some of the world’s leading economies transition to cleaner energy sources. The company helps drive the global energy transition through electrification and decarbonization in the markets it serves, including CaliforniaAnd the TexasAnd the Mexico and the LNG export market. Sempra is consistently recognized as a leader in sustainable business practices and for its long-standing commitment to building a high-performance culture focused on safety, workforce development, training, diversity and inclusion. Sembra is the only North American utility company included in the Dow Jones Global Sustainability Index, and was named one of the “World’s Most Admired Companies” for 2022 by Fortune magazine. For additional information about Sempra, please visit Sempra’s website at sempra.com And on Twitter Tweet embed.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions regarding the future, and involve risks and uncertainties, not guarantees. Future results could differ materially from those contained in any forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements may be identified by words such as “believe,” “expect,” “intend,” “expect,” “plan,” “estimate,” “project,” “forecast,” “should,” “could,” “will”, “will”, “confident”, “may”, “could”, “potential”, “possible”, “proposed”, “in progress”, “under construction”, “in development or “opportunity” or “objective,” “expectations,” “maintain,” “goal,” “objective,” “commitment,” or similar expressions, or when we discuss our directives, priorities, strategy, objectives, vision, mission, opportunities, or expectations or intentions or expectations.
Factors, among other things, that could cause actual results and events to differ materially from those described in any forward-looking statements, risks and uncertainties relating to: California Wildfires, including the risk that you may be liable for damages regardless of fault and that we may not be able to recover all or a significant portion of costs from insurance, the Forest Fire Fund established by California Assembly Bill 1054, at rates from customers or a combination thereof Decisions, investigations, regulations, issuance or revocation of permits and other licenses, renewal of concessions, and other actions by (i) the California Public Utilities Commission (CPUC), Comisión Reguladora de Energía, US Department of Energy, US Federal Energy Regulatory Commission, Public Utilities Commission Texasother regulatory and governmental bodies and (ii) the states, counties, cities and other jurisdictions of the United States, Mexico and other countries in which we do business; The success of business development efforts, construction projects, acquisitions and divestitures, including risks in (i) the ability to make a final investment decision, (ii) completion of construction projects or other transactions on schedule and on budget, and (iii) the ability to realize the expected benefits from any of such efforts if completed, and (iv) obtain the consent or approval of partners or other third parties, including government entities and regulators; resolve civil and criminal litigation, regulatory inquiries, investigations and proceedings, arbitration, and property disputes, including those related to the natural gas leak at Southern California Gas (SoCalGas)’s Aliso Canyon natural gas storage facility; Changes to laws, including changes to some Mexico Laws and rules affecting energy supplier licenses, energy contract rates, the electricity industry in general, and the ability to import, export, transport and store hydrocarbons; Cyber security threats, including state and state-sponsored actors, on the energy grid, storage infrastructure and pipelines, the information and systems used to operate our business, the confidentiality of our information and the personal information of our customers and employees, including ransomware attacks on our systems and those of third-party vendors and the other parties we do business with, all of which are becoming more and more apparent due to recent geopolitical events and other uncertainties, such as the war in Ukraine; failure of foreign governments and state-owned entities to honor their contracts and obligations; actions taken by credit rating agencies to lower our credit ratings or to place those ratings in a negative outlook and our ability to borrow on favorable terms and meet our debt service obligations; The impact of energy and climate policies, legislation, norm setting and disclosures, as well as specific relevant objectives and actions taken by companies in our industry, including actions to reduce or eliminate reliance on natural gas in general and any deterioration or increase of uncertainty in the policy or regulatory environment for California Natural gas distribution companies and the risk of non-recovery of outstanding assets; The pace of development and adoption of new technologies in the energy sector, including those designed to support governmental and private energy and climate goals, and our ability to integrate them in a timely and economical manner into our business; weather, natural disasters, epidemics, accidents, equipment failures, explosions, acts of terrorism, outages of information systems or other events that disrupt our operations, damage our facilities and systems, cause release of harmful substances, cause fires, or expose us to liability for damages to property or personal injury, fines and penalties, which may not be covered by insurance, may be disputed by insurance companies, may not otherwise be recoverable through regulatory mechanisms, or may affect our ability to obtain satisfactory levels of insurance at reasonable rates; Availability of electric power and storage capacity of natural gas and natural gas, including disruptions caused by faults in the transmission network or restrictions on the withdrawal of natural gas from storage facilities; The impact of the COVID-19 pandemic, including potential vaccination mandates, on capital projects, regulatory approvals, and implementation of our operations; Impact of San Diego Gas & Electric Company (SDG&E) on customer competitive rates and reliability due to growth in distributed and local power generation, including from leaving the retail burden generated by customers moving to Community Choice Aggregation and direct access, and the risk of non-recovery of assets stranded contractual obligations; The ability of Oncor Electric Delivery Company LLC (Oncor) to exclude or reduce its quarterly earnings due to regulatory and governance requirements and obligations, including through the actions of Oncor’s independent directors or a minority member; Fluctuations in foreign exchange, inflation, interest rates and commodity prices, including inflationary pressures in the United States, our ability to effectively hedge such risks and in relation to inflation and interest rates, the impact on SDG&E’s and SoCalGas’ cost of capital and customer affordability; Changes in tax and trade policies, laws and regulations, including tariffs, revisions to international trade agreements, and sanctions, such as those imposed and that may be imposed in the future in connection with war in Ukrainewhich may increase our costs, reduce our competitiveness, affect our ability to do business with certain existing or potential counterparties, or impair our ability to resolve commercial disputes; and other uncertainties, some of which can be difficult to predict and are beyond our control.
These risks and uncertainties are discussed in Sempra’s filing with the US Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free of charge on the SEC website, www.sec.govand on Sempra’s website, www.sempra.com. Investors should not rely excessively on any forward-looking statements.
Sempra Infrastructure, Sempra Texas, Sempra Texas Utilities, Oncor, Infraestructura Energética Nova, SAPI de CV (IEnova) are not the same companies as California Utilities, SDG&E or SoCalGas, Sempra Infrastructure, Sempra Texas, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.
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