Overview

• Sempra Infrastructure Partners reached a final investment decision for Port Arthur LNG Phase 2, a two‑train, one‑tank expansion adding about 13 mtpa and doubling the site’s capacity, with Train 3 targeted for 2030 and Train 4 for 2031.
• A $7 billion financing led by Blackstone Credit & Insurance, with KKR, Apollo‑managed funds and Goldman Sachs Alternatives, acquired a 49.9% minority stake in Phase 2, leaving Sempra Infrastructure Partners with 50.1%.
• Bechtel Energy received full notice to proceed on engineering, procurement and construction for Phase 2.
• Separately, Sempra agreed to sell 45% of Sempra Infrastructure Partners to KKR and CPPIB for $10 billion, a deal expected to close in Q2–Q3 2026 that would leave a KKR‑led group with 65%, Sempra with 25% and ADIA with 10%.
• Sempra said proceeds support its 2025–2029 capital plan without new equity issuance, updated 2025 GAAP EPS guidance to $3.29–$3.69 while affirming adjusted targets, and saw shares up about 4%–5% on the news.