Sempra announced a series of strategic moves aimed at sharpening its focus on U.S. regulated utilities and strengthening its balance sheet. The company will sell a 45% stake in Sempra Infrastructure Partners to a KKR-led consortium, including CPP Investments, for $10 billion in cash, valuing the unit at $22.2 billion in equity and $31.7 billion in enterprise value. Once closed in mid-2026, KKR’s group will hold 65%, Sempra will retain 25%, and ADIA will continue to hold 10%. The transaction is expected to boost earnings, improve credit metrics, and eliminate the need for new equity issuances under Sempra’s 2025–2029 capital plan.

Alongside the sale, Sempra Infrastructure Partners reached a final investment decision on the $12 billion Port Arthur LNG Phase 2 project in Texas, with an additional $2 billion allocated for shared facilities. Backed by an investor group including Blackstone, KKR, Apollo, and Goldman Sachs, Phase 2 will add two new LNG trains with a combined 13 million tonnes per annum capacity, targeting commercial operations in 2030 and 2031. Bechtel has been contracted for construction, leveraging its experience from Phase 1.

Sempra reaffirmed its 2025 adjusted EPS guidance of $4.30–$4.70 and its 2026 range of $4.80–$5.30, despite GAAP EPS being lowered by tax-related charges tied to the infrastructure sale. The company reiterated its long-term 7%–9% EPS growth outlook through 2029, highlighting that these transactions simplify its business model, reduce non-utility exposure, and position it as a leading U.S. utility growth company.