AVANGRID Completes Sale of Gas Storage Business To an Affiliate of ArcLight Capital Partners
ORANGE, Conn.--(BUSINESS WIRE)--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.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with $32 billion in assets and operations in 27 states. AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving 3.2 million customers in New York and New England. Avangrid Renewables owns and operates 7.1 gigawatts of electricity capacity, primarily through wind power, with a presence in 22 states across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainability Development Goals, received a Climate Development Project climate score of “A-,” the top score received in the utilities sector, and has been recognized for two consecutive years by Ethical Boardroom as the North American utility with the “best corporate governance practices.” For more information, visit www.avangrid.com.