CenterPoint Energy has sold its natural gas retail business, CenterPoint Energy Services (CES), to an affiliate of Energy Capital Partners, a private equity and credit investor specializing in energy infrastructure projects.
Headquartered in Houston, CES provides natural gas sales, storage and supply, as well as other energy-related solutions, to approximately 30,000 commercial and industrial customers, utilities, and municipalities in more than 30 states.
The deal was first announced in February and was valued at $400 million, including estimated working capital at close. It is unclear whether this was the final closing amount.
As part of the sale, CES has rebranded to Symmetry Energy Solutions and entered into a structured long-term preferred supply agreement through which Shell Energy North America (U.S.) will provide gas supply and collateral support, as well as receive equity warrants.
Net proceeds of the sale will be used to repay a portion of outst
