Dominion Energy has agreed to sell a 25 percent stake in its Cove Point LNG business to Brookfield Super-Core Infrastructure Partners, an infrastructure fund managed by Brookfield Asset Management, for a cash consideration of $2 billion.
The move is in line with Dominion Energy’s plan to establish a permanent capital structure for Cove Point.
Cove Point owns a liquefied natural gas (LNG) import, export and storage facility located on the western shore of the Chesapeake Bay in Lusby, Md., including a 136-mile pipeline that interconnects the facility with the interstate pipeline system.
The assets provide liquefaction, gasification, transportation, storage and peaking gas supply services to customers in the United States, India and Japan.
According to Dominion Energy, the transaction represents an implied enterprise value of $8.22 billion, excluding working capital. Proceeds are expected to be used for general corporate purposes.
Dominion Energy wi