AVANGRID Completes Sale of Gas Storage Business to an Affiliate of Arclight Capital Partners

Source Press Release
Company Avangrid, Inc.ArcLight Capital Partners, LLCCastleton Commodities International LLC 
Tags Corporate Deals, Deals, Refining & Marketing Activities, LNG & Gas Storage/Processing
Date May 01, 2018

AVANGRID, Inc. (NYSE:AGR), a diversified energy company, today announced that its wholly owned subsidiary, Avangrid Renewables Holdings, Inc., has completed the sale of Enstor Gas, LLC, to an affiliate of  ArcLight Capital Partners, LLC.

Enstor Gas, based in Houston, Texas, owns and operates natural gas storage facilities in the Gulf Coast and Southwest regions of the United States with a total storage capacity of 88.5 Bcf and a net working gas storage capacity of 67.5 Bcf.

ArcLight Capital Partners, LLC, is a Boston-based private equity firm focused on energy infrastructure investments. Going forward, Enstor Gas will operate as an ArcLight portfolio company, and its contact information will remain unchanged.

“The sale of our gas storage business reflects our decision, based on our recently completed strategic review, that AVANGRID will maintain its focus on its core utility and renewables businesses,” said James P. Torgerson, AVANGRID’s CEO. “I wish to thank the hard-working team at Enstor Gas for their many contributions to AVANGRID, and I wish them well in the future.”

In March, AVANGRID separately announced that Avangrid Renewables Holdings had completed the sale of Enstor Energy Services, LLC, its gas trading business, to a subsidiary of Castleton Commodities International LLC.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd