In its latest move to expand a multi-billion-dollar stake in Mexico, San Diego-based Sempra Energy’s Mexican subsidiary, Infraestructura Energetica Nova SAB de CV (IEnova) acquired an additional 25% interest in the Los Ramones II Norte natural gas pipeline from Petróleos Mexicanos (Pemex) for $231 million, plus assumption of outstanding debt.
The IEnova acquisition doubles its participation in the U.S.-to-Mexico pipeline supplying fuel for gas-fired power plants. Sempra expects its latest deal to close before the end of this year.
Sempra will assume $289 million of debt for the added 25% interest, representing Pemex’s portion of the pipeline’s overall outstanding debt. At the end of 2016, IEnova had more than $7 billion in assets throughout Mexico’s energy infrastructure, according to a Sempra spokesperson.