Avangrid set to sell Gas storage business to Amphora
Avangrid asserted that Avangrid Renewables Holdings has ventured into a definitive agreement to sell Enstor Gas operating Avangrid’s gas storage businesss to Amphora Gas storage USA.
Enstor Gas owns and operates natural gas storage facilities in the Gulf Coast and Southwest regions of the US 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.
Jim Torgerson, chief executive officer of AVANGRID said “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. This transaction does not include AVANGRID’s Enstor gas trading business, which AVANGRID has agreed to sell to a subsidiary of Castleton Commodities International, LLC in a transaction that is expected to close in March 2018.