Sempra Energy moves forward with plans for gas partnership
By MARK CHEDIAK
Bloomberg
Sempra Energy will move forward with plans to sell stock in Sempra Partners, a newly-formed unit that will own stakes in renewable energy facilities and terminals that can import and export natural gas.
Sempra expects the master-limited partnership to file for registration in the second half of the year, according to a statement Tuesday.
The owner of San Diego Gas & Electric has said previously it was considering an IPO of assets such as liquefied natural gas (LNG) projects.
Sempra is joining other utilities in carving off assets into publicly traded investment vehicles that provide steady, long-term revenue streams and dividends, while enjoying tax advantages. NiSource and Dominion Resources have formed MLPs for their gas infrastructure assets.
Sempra’s partnership will initially include an interest in the company’s Energy Costa Azul LNG facility in Baja California, Mexico, and renewable power plants. It could also include Sempra’s 50% stake in the Cameron LNG export terminal under construction in Louisiana, its 100% stake in the Cameron pipeline, as well as wind and solar projects.
Sempra rose as much as 1.2% in after-market trading in New York. The partnership was announced after the close of regular trading.
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