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Sempra Energy Announces Portfolio Optimization Initiatives
Source: Smart Grid Observer
June 29, 2018 -- Sempra Energy recently (6/28) announced that, following a comprehensive strategic review of its businesses and asset portfolio over the past year, the company intends to sell several energy infrastructure assets, including its entire portfolio of U.S. wind and U.S. solar assets, as well as certain U.S. midstream assets. The board of directors approved the asset sales on June 25.
The planned asset dispositions represent the first phase of a multi-phase portfolio optimization initiative designed to sharpen the company's strategic focus and create value for all shareholders.
'Our strategy is to continue building a leading energy company operating best-in-class utilities and developing contracted energy infrastructure in some of the largest economies in the Americas, with a focus centered on North America,' said Jeffrey W. Martin, CEO of Sempra Energy. 'Our executive team and board of directors, along with our outside financial and legal advisors, have been engaged in a comprehensive strategic review of our asset portfolio over the past year, consistent with this strategy to drive shareholder value.
The review was guided by several important considerations and factors, including: deployment of additional capital to improve critical utility infrastructure, changes in the U.S. tax code, Californiaregulatory developments and strategic growth opportunities.
Read the full press release here.
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