ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE:AGR) today announced that Avangrid Renewables Holdings, Inc., a wholly-owned subsidiary of AVANGRID, has entered into a definitive agreement to sell Enstor Gas, LLC, which operates AVANGRID’s gas storage business, to Amphora Gas Storage USA, LLC, an affiliate of ArcLight Capital Partners, LLC.
Enstor Gas 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. Amphora Gas Storage USA is an affiliate of ArcLight Capital Partners, a Boston-based private equity firm focused on energy infrastructure investments.
"We are pleased to have reached this agreement to sell the Enstor gas storage business to Amphora," said Jim Torgerson, chief executive officer of AVANGRID. "The sale of this business to Amphora is consistent with the results of our strategic review of the Enstor gas storage businesses."
The transaction, which is subject to the satisfaction of customary closing conditions, is expected to be completed during the second quarter of 2018.
"On a more personal level, it’s been a privilege working with the Enstor Gas team. I want to thank them all for their hard work and years of service as part of the AVANGRID group," said Torgerson. "I'm extremely proud of what this dedicated group of professionals has accomplished."
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a diversified energy and utility company with more than $32 billion in assets and operations in 27 states. The company owns regulated utilities and electricity generation assets through two primary lines of business, Avangrid Networks and Avangrid Renewables. Avangrid Networks is comprised of eight electric and natural gas utilities, serving approximately 3.2 million customers in New York and New England. Avangrid Renewables operates approximately 7.1 gigawatts of owned and controlled renewable generation capacity, primarily through wind and solar, in 21 states across the United States. AVANGRID employs approximately 6,600 people. For more information, visit www.avangrid.com.
About ArcLight: ArcLight is one of the leading private equity firms focused on energy infrastructure investments. Founded in 2001, the firm helped pioneer an asset-based private equity approach to investing in the dynamic energy sector. ArcLight has invested over $19 billion in over 100 transactions since inception. Based in Boston, the firm's investment team employs a hands-on value creation strategy that utilizes its in-house technical, operational, and commercial specialists as well as the firm's 850-person asset management affiliate. More information about ArcLight, and a complete list of ArcLight's portfolio companies, can be found at www.arclightcapital.com.
