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Sempra signs LNG supply deal off $3.59 billion sale of Peruvian energy company with China Yangtze

01/10/2019
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Sempra Energy and China Yangtze Power have entered in to a series of agreements including the $3.6 billion sale of a Peruvian energy company and an MoU for supply of liquefied natural gas (LNG).

Sempra will sell Luz del Sur to China Yangtze Power for $3.59 billion, and have entered into an MoU for supply of LNG
(Image via Sempra LNG)

The initial agreement made saw China Yangtze Power take Sempra’s 83.6% stake in Peruvian energy company Luz del Sur for $3.6 billion.

In addition, the Chinese firm would take Sempra’s interest in Inland Energy, Luz del Sur’s generation business and Tecsur S.A. which provides electric construction and infrastructure services to Luz del Sur and third parties.

"We could not be more pleased about today's announcement," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. 

"It directly supports our mission of building North America's premier energy infrastructure company. Proceeds from this transaction will be used to strengthen our balance sheet and meet the growing capital needs of our core utilities in California and Texas."

The sale is subject to customary closing conditions, including approval by the Peruvian anti-trust authority and the Bermuda Monetary Authority, but is expected to be completed in the first quarter of 2020.

Following the deal, Sempra Energy’s subsidiary, Sempra LNG entered into a memorandum of understanding (MoU) with the parent company of China Yangtze Power Co., China Three Gorges Corporation (CTG) for the potential cooperation in supplying LNG to support demand growth in China. Ultimate participation remains subject to the finalisation of a definitive agreement.

“This initial agreement with CTG represents an opportunity to support strong growth in natural gas demand in Asia, with future expansions of our LNG projects right here in North America,” said Martin.

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Sempra signs LNG supply deal off $3.59 billion sale of Peruvian energy company with China Yangtze - Time to read 2 min
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