CPP Investments buying stake in Sempra Infrastructure

The Canada Pension Plan Investment Board has signed a deal to buy a 13% indirect equity interest in Sempra Infrastructure Partners from Sempra for about US$3 billion.

Sempra Infrastructure develops, owns and operates natural gas pipelines, power generation and liquefied natural gas export facilities in the United States and Mexico.

The company also owns and operates more than 1,600 megawatts of renewable generation and a natural gas-fired power plant.

CPP Investments is making the investment alongside affiliates of private equity firm KKR and an existing investor in Sempra Infrastructure.

Max Biagosch, senior managing director and global head of real assets at CPP Investments, said natural gas has an important role to play in the global energy transition, and LNG infrastructure is central to meeting rising global demand and supporting long-term transition goals.

The transaction is expected to close next year, subject to regulatory and other approvals and closing conditions.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.