KKR Consortium Buys $10B Stake in Sempra Infrastructure - InforCapital

Sempra has agreed to sell a 45% stake in its infrastructure arm Sempra Infrastructure Partners to a consortium led by KKR and the Canada Pension Plan Investment Board (CPPIB) in a deal worth 10 billion USD. The transaction values the unit at approximately 22.2 billion USD.

Once completed, expected in 2026, the new ownership structure will see KKR and CPPIB hold a combined 65% of Sempra Infrastructure. Sempra will retain 25%, while the Abu Dhabi Investment Authority (ADIA) will continue to hold 10%. The sale is part of Sempra’s strategy to streamline operations, reduce dependence on equity issuance, and fund its ambitious 56 billion USD capital expenditure program for 2025–2029.

The divestment coincides with the launch of the 14 billion USD Port Arthur LNG Phase 2 expansion project in Texas. Financing includes a 7 billion USD minority equity commitment led by Blackstone Credit & Insurance, along with KKR, Apollo-managed funds, and Goldman Sachs Alternatives. The expansion will add two liquefaction trains, a storage tank, and related infrastructure, raising export capacity by 13 MTPA. Commercial operations are scheduled for 2030 and 2031, with much of the capacity already contracted by ConocoPhillips, JERA, and EQT.

Private Equity’s Expanding Role in Energy Infrastructure

This deal underscores the growing role of private equity and sovereign investors in large-scale energy infrastructure. Similar landmark transactions include:

• Blackstone and Global Infrastructure Partners investing in Cheniere Energy export facilities, supporting the expansion of U.S. LNG capacity.
• Brookfield Asset Management raising more than 20 billion USD for its Global Transition Fund II, targeting LNG, renewables, and decarbonization projects globally.
• Macquarie Asset Management expanding its Asia-Pacific infrastructure strategy, with significant allocations to LNG terminals, power networks, and energy transition projects.
• I Squared Capital deploying multi-billion funds into natural gas infrastructure, power distribution, and renewables across Latin America and Asia.

These investments highlight strong institutional demand for energy transition and security assets. LNG projects in particular have attracted long-term capital due to their critical role in bridging fossil fuels and renewables in global energy supply chains.

For Sempra, the transaction both monetizes a portion of its fast-growing infrastructure portfolio and secures heavyweight partners with deep balance sheets and global expertise. For investors like KKR and CPPIB, the deal provides stable cash flows, exposure to LNG expansion, and a strategic foothold in North America’s energy landscape.