AVANGRID sells its natural gas unit
AVANGRID, parent company of Central Maine Power Co., sold its natural gas-storage unit.
The Hartford Business Journal, a sister publication of Mainebiz, reported that Avangrid Renewables Holdings sold Texas-based Enstor Gas LLC, which owns and operates natural gas storage facilities in the Gulf Coast and Southwest regions of the country, to an affiliate of Boston private equity firm ArcLight Capital Partners LLC.
Terms of the deal were not disclosed.
Under the deal, officials said Enstor will maintain its name and operate as an ArcLight portfolio company.
Avangrid CEO James P. Torgerson said the sale follows a strategic review in which the company will focus on its core utility and renewables businesses.
In March, the company announced that Avangrid Renewables completed the sale of its Enstor Energy Services business to Castleton Commodities International LLC.
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