Sempra Dossier
Qualitative Analysis
Business overview
Sempra is a leading energy-services holding company focused on regulated electric and gas utilities and modern energy infrastructure in North America. The company operates through three primary segments: Sempra Texas Utilities (principally its investment in Oncor Electric Delivery Company LLC), Sempra California (comprising San Diego Gas & Electric Co. and Southern California Gas Co.), and Sempra Infrastructure. Sempra serves a diverse customer base across California, Texas, and Mexico, delivering safe, reliable, and affordable energy while electrifying and improving grid resilience in two of the largest economies in the United States.
Research as of 29 Jul 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Sempra is executing strategic transactions to simplify its business model, transition to a leading U.S. utility growth business, and reduce risk. This includes selling a 45% equity interest in Sempra Infrastructure Partners to KKR for $10 billion and selling Ecogas México for approximately $500 million.
Expected impact: Expected to result in approximately 95% of Sempra's earnings coming from regulated U.S. utilities in 2027, eliminate the need for common equity issuances in the 2026-2030 base capital plan, and add a five-year average annual accretion of $0.20 of EPS starting in 2027.
Sempra Infrastructure reached a final investment decision (FID) in September 2025 to advance the development, construction, and operation of Port Arthur LNG Phase 2 in Texas, adding two additional liquefaction trains (Trains 3 and 4) and associated facilities.
Expected impact: Will add 13 Mtpa of nameplate export capacity to Sempra's portfolio, bringing the total nameplate export capacity of both phases to 26 Mtpa.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Sempra agreed to sell a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR and CPP Investments. Upon closing, the KKR-led consortium will hold a 65% majority stake, while Sempra retains 25% and ADIA retains 10%. This partnership supports Sempra's capital recycling program and transition to a utility-centric model.
Terms: Transaction proceeds of $10 billion, implying an equity value of $22.2 billion and an enterprise value of $31.7 billion for Sempra Infrastructure Partners.
Sempra Infrastructure entered into a joint venture with an investor consortium led by Blackstone Credit & Insurance to fund and develop Port Arthur LNG Phase 2.
Terms: The investor consortium acquired a 49.9% minority equity interest in the Phase 2 joint venture for $7 billion ($3.4 billion funded upfront and the remainder during construction), while Sempra Infrastructure retains a 50.1% majority stake.
Sempra Infrastructure partnered with TotalEnergies (which holds a 16.6% interest) to add natural gas liquefaction capabilities to the Energia Costa Azul (ECA) LNG terminal in Mexico. The project is supported by 20-year sale and purchase agreements with TotalEnergies and Mitsui & Co.
Terms: TotalEnergies is contracted to purchase 1.7 Mtpa and Mitsui & Co. is contracted to purchase approximately 0.8 Mtpa of LNG for 20 years.