Sempra Infrastructure has closed the sale of a 42% indirect and non-controlling stake in the $13bn Port Arthur LNG Phase 1 project in Jefferson County, Texas, US, to KKR.
The financial terms of the deal, which was announced earlier this year, were undisclosed.
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Phase 1 of the proposed natural gas liquefaction and export terminal involves two natural gas liquefaction trains, two liquefied natural gas (LNG) storage tanks and associated facilities. It is expected to have nameplate capacity of around 13 million tonnes per annum (mtpa).
Following the closing of the deal, Sempra Infrastructure owns a 28% stake in Phase 1 of the proposed natural gas liquefaction and export terminal while the remaining 30% stake is held by ConocoPhillips.
Sempra Infrastructure CEO Justin Bird said: “The closing of this transaction continues the positive momentum of our world-class Port Arthur LNG facility and highlights Sempra Infrastructure’s ability to access capital to support the growth of its infrastructure business.
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“We remain committed to developing energy infrastructure projects with strong partners to continue growing our portfolio while advancing global decarbonisation and energy security.”
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By GlobalDataThe project’s Train 1 is due to commence operations in 2027, while Train 2 will be commissioned in 2028.
KKR partner James Cunningham said: “We are pleased to close our investment in this critical energy infrastructure project led by the Sempra Infrastructure team.
“Port Arthur LNG Phase 1 has continued its strong momentum and is on track to meet its objectives of helping to deliver energy security, economic growth and a near-term supply of reliable and cleaner energy.”
The positive final investment decision for the Port Arthur LNG Phase 1 project was announced in March 2023.
Bechtel Energy has been selected as construction contractor for the Port Arthur LNG Phase 1 project.
The second phase of the Port Arthur LNG project is due to have two liquefaction trains with a total capacity of 13.5mtpa.
