Sempra Energy has completed the divestiture of its US renewables business and natural gas storage assets, which generates $2.5 billion in total cash proceeds.
The announcement comes with the completion of the sale of its remaining ownership interests in operating and development-stage wind assets to American Electric Power Company for $584 million in cash.
Sempra completed the sale of its non-utility US natural gas storage facility to an affiliate of ArcLight Capital Partners for $328 million in cash in February.
The company is also in the process of selling its equity interests in its South American businesses, including its 83.6% stake in Luz del Sue in Peru and 100% stake in Chilquinta Energía in Chile.
Joseph A. Householder, president and CEO of Sempra Energy, says: ‘We have a long and successful track record of actively managing our portfolio, including exiting businesses that are no long consistent with our strategy. The proceeds from the asset sales will be used to pay down debt and redeploy capital to support the strategic growth of Sempra Energy in North America.’