US energy company Sempra plans to raise around US$1 billion by selling stakes in its Mexican infrastructure assets, chairman and CEO Jeffrey Martin said Tuesday on a 4Q earnings call.
“We’ve got an evaluation process underway focusing on our Mexican assets,” Martin said. “That’s something we’ll look to update the street on in the coming months and quarters.”
Sempra plans to sell assets at its Sempra Infrastructure subsidiary, which operates gas pipelines and terminals for refined products across Mexico.
One of the company’s largest assets in Mexico is the Energía Costa Azul liquefied natural gas project on the Pacific coast of Mexico.
Sempra Infrastructure has completed 90% of the project, CEO Justin Bird told the call.
Located in Baja California state, Energia Costa Azul (ECA) will receive and liquefy natural gas from the US, mainly for export to LNG markets in Asia.
“We expect to be on time and on budget in the spring of 2026,” Bird said. “Current work is now focused on pipe testing and insulation, electrical instrumentation and pre-commissioning activities.”
Sempra has completed an expansion of the Gasoducto Rosarito pipeline which will transport natural gas to the plant, Bird said.
Phase 1 of ECA will have a capacity to produce around 3Mt (million metric tons) per year of LNG.
Sempra has 20-year sale and purchase agreements with TotalEnergies and Mitsui for the purchase of a combined 2.5Mt/y of LNG.
Phase 2 of ECA could add an additional 12Mt/y of export capacity if Sempra approves the expansion.
Mexican projects
Other Sempra Infrastructure developments include the Cimarrón Wind project, which is also located in Baja California.
The 320MW, US$550mn wind farm has a 20-year power purchase agreement with Silicon Valley Power to supply renewable energy to the city of Santa Clara, California.
The company’s other LNG project on the Pacific coast of Mexico, Vista Pacífico in Sinaloa state, is at an earlier stage of development than ECA. Sempra has not yet taken a final investment decision on whether to go ahead with the project.
Sempra’s marine fuels terminal at the port of Topolobampo in Sinaloa began commercial operations in 2024, the company said Tuesday.
Sempra is not the only North American energy infrastructure company looking to sell assets in Mexico.
Earlier this month, Calgary-based natural gas pipeline operator TC Energy said it wanted to sell stakes in its Mexican operations.