March 31 (Reuters) - Utility firm Sempra ( SRE ) will
sell some energy infrastructure assets in Mexico and a minority
stake in Sempra Infrastructure to fund its five-year capex plan
of $56 billion, it said on Monday.
In February, the company had forecast a five-year capital
plan of about $56 billion, a 16% increase from its prior plan,
with over 90% of projected capital expenditures focused on
regulated utility investments in Texas and California.
"These actions are designed to advance our company's broader
effort to simplify the business and minimize reliance on future
issuances of common equity to fund the company's five-year
capital plan," said CEO Jeffrey Martin.
The utility firm plans to sell Ecogas Mexico, which holds
three utility franchises and distributes natural gas to more
than 600,000 residential, commercial and industrial consumers in
Mexico's Mexicali, Chihuahua and La Laguna-Durango regions.
The San Diego, California-based company also plans to sell a
minority stake in Sempra Infrastructure, which has liquefied
natural gas (LNG) assets and related pipeline and storage
infrastructure.
Sempra ( SRE ) previously sold a 20% stake in the unit to Kohlberg
Kravis Roberts & Co. for about $16.9 billion in 2021 and a 10%
stake to the Abu Dhabi Investment Authority for about $17.9
billion in 2022.
The transactions announced on Monday are expected to be
completed over the next 12 to 18 months.