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Avangrid to sell gas storage business to ArcLight affiliate

Avangrid Renewables Holdings Inc. struck a deal to sell Enstor Gas LLC, which operates its gas storage business, to Amphora Gas Storage USA LLC.

Amphora is an affiliate of energy infrastructure-focused private equity firm ArcLight Capital Partners LLC.

Enstor Gas owns and operates natural gas storage facilities in the Gulf Coast and Southwest regions with a total storage capacity of 88.5 Bcf and a net working gas storage capacity of 67.5 Bcf.

The transaction is expected to close in the second quarter, subject to customary closing conditions. BNP Paribas and Citi advised on the deal.

As part of its strategic review to divest its gas storage and trading business, the Avangrid Inc. subsidiary also recently signed an agreement to sell gas trading business, ENSTOR Energy Services LLC, to CCI U.S. Asset Holdings LLC, a subsidiary of Castleton Commodities International LLC.

Avangrid is a subsidiary of Iberdrola SA.