ORANGE, Connecticut — February 16, 2018 — 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."
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.
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