Sempra's 2026-2030 capital plan assumes its ownership of Sempra Infrastructure Partners, or SI Partners, falls from 70% to 25% after March 31, 2026. Its stake in Oncor, one of two Texas utilities Sempra owns alongside Sharyland Utilities, holds steady at 80.25% over the same plan.
That ownership math is built into how the five-year plan is calculated. The plan includes Sempra's proportionate share of projected capital spending at companies where it holds a minority stake accounted for under the equity method, such as SI Partners, but it leaves out Sempra's own future cash contributions into those companies. It also leaves out the share of projected spending that belongs to other investors' minority stakes, both in Sempra itself and in those equity-method companies.
The stake drop matches a transaction Sempra discloses separately: a planned sale of a portion of its equity interest in Sempra Infrastructure Partners. Sempra lists that sale among the business developments, alongside construction projects and other transactions, that its capital plan depends on.
The risks tied to the sale
Sempra names the specific steps still standing between here and a closed deal: reaching a positive final investment decision, working out price and terms in binding contracts, finishing the transaction on schedule and within budget, securing the needed regulatory approvals, and getting other parties involved to follow through on their commitments, including payments due at or after closing.
Sempra also draws a line around its corporate structure. SI Partners and its subsidiaries, along with the Sempra Texas utilities Oncor and Sharyland Utilities, are not the same companies as its California utilities, SDG&E and SoCalGas, and none of the three is regulated by the California Public Utilities Commission.
We reported last month that Sempra sold its Mexican gas utility, Ecogas, for $500 million.
