In an unprecedented move, investment giants KKR and Blackstone have poured billions into U.S. liquefied natural gas (LNG) projects, amid a global race to secure energy supplies for growing economies and AI data centers.
KKR & Co. and Blackstone led two massive deals worth a combined $17 billion in the natural gas sector, reflecting private equity’s strong confidence in LNG as a key solution to meet rising global energy demand, particularly from artificial intelligence companies. These investments highlight the bet that U.S. LNG will become a cornerstone of the global energy landscape in the coming decades, especially as fast-growing Asian economies rely on it to power their expansion. The move also comes as major tech firms seek more energy to run data centers, while the Trump administration pushes to strengthen fossil fuel dominance.
For its part, Sempra said that selling the stake will help improve its credit rating and restructure operations to generate up to 95% of its earnings from regulated U.S. utilities, while avoiding previously announced stock issuances. The company’s shares jumped 5.4% following the announcement.
According to the plan, the transaction is expected to close in the second half of 2026, subject to regulatory approvals. After closing, a consortium led by KKR will become the majority owner of Sempra Infrastructure Partners with a 65% stake, while Sempra will retain 25%, and Abu Dhabi Investment Authority will hold 10%.
Proceeds from the deal will be disbursed in stages: 47% at closing, 41% by the end of 2027, and the remainder about seven years after completion.
Separately, KKR, together with the Canada Pension Plan Investment Board, announced a $10 billion deal to acquire a 45% stake in Sempra’s infrastructure unit, which develops LNG projects.
Meanwhile, Blackstone unveiled a $7 billion investment for a 49.9% stake in the second phase of Sempra’s Port Arthur LNG export terminal in Texas—one of the largest private financing deals ever. According to Bloomberg, the transaction marks the first time a project of this size has been financed in the construction stage by private lenders.
