Overview

• Final investment decision advances two additional liquefaction trains and related facilities to add about 13 Mtpa, with Train 3 targeted for 2030 and Train 4 for 2031 at a total cost of roughly $14 billion.
• A Blackstone Credit & Insurance–led consortium, joined by KKR, Apollo-managed funds and Goldman Sachs Alternatives, is investing $7 billion for a 49.9% minority stake in Phase 2, leaving Sempra Infrastructure Partners with 50.1%.
• Bechtel Energy received full notice to proceed as EPC contractor for Phase 2, moving the project into execution following its work on Phase 1.
• Separately, Sempra agreed to sell a 45% stake in Sempra Infrastructure Partners to KKR and CPP Investments for $10 billion, implying a $22.2 billion equity value and $31.7 billion enterprise value, with closing expected in Q2–Q3 2026.
• Upon closing, a KKR-led group would own 65% of Sempra Infrastructure Partners, Sempra would retain 25% and ADIA 10%, as the company updates 2025 GAAP guidance lower while reaffirming adjusted EPS targets and multi‑year growth outlook.