California-based energy infrastructure company, Sempra Energy, has completed its exit from South America with the sale of assets in Chile and Peru, Kallanish Energy reports.
The company raised roughly $5.82 billion in combined cash proceeds from its divestment in the two countries. The Chilean sale was completed last week and generated around $2.23 billion.
Sempra said in a statement late on Tuesday that its investments are now focused on “top-tier markets in North America.”
It plans to build North America’s “premier energy infrastructure company” by focusing on transmission and distribution energy infrastructure in California, Texas, Mexico, and the liquefied natural gas export market.
The proceeds from the South American businesses, as well as U.S. renewables business and non-utility natural gas storage assets, are being used to support Sempra’s growth initiatives and strengthen its balance sheet.
“By successfully executing on a broad capital recycling program, the past two years have proven to be transformational for our company and have allowed us to efficiently concentrate our capital program on the most attractive markets in North America,” said Sempra Energy’s chief financial officer Trevor Mihalik in the statement.
Through its subsidiary Sempra LNG, Sempra Energy is pursuing the development of five LNG projects in North America.
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