Sempra Energy Forms Equity Fund To Focus On Asset Acquisition
Sempra Energy Forms Equity Fund To Focus On Asset Acquisition
Jun 16, 2003
Sempra Energy Partners will team with other energy or financial firms to acquire assets such as power plants, natural gas pipelines and related facilities that are consistent with Sempra Energy's risk profile and strategic approach to the marketplace. The new firm will acquire minority stakes in its investments.
"An unprecedented number of assets are becoming available and Sempra Energy Partners will enable us to gain an equity stake in some of these assets while preserving our strong balance sheet and maximizing shareholder value," said Donald E. Felsinger, group president of Sempra Energy Global Enterprises, who will lead the new venture.
Affiliates Sempra Energy Trading, the wholesale commodity trading firm, and Sempra Energy Resources, which develops, acquires and operates power plants and energy infrastructure for the competitive market, will lend marketing and operational expertise to the new venture. Richard A Vaccari, who has nearly 20 years of investment-banking experience with Wall Street firms, has been named managing director of Sempra Energy Partners.
"Rick Vaccari brings an excellent industry background, key relationships and transactional expertise to Sempra Energy Partners," said Felsinger.
Vaccari was a managing director at Credit Suisse First Boston, where he focused on the energy sector. Previously, Vaccari served as a managing director in the Global Power Group at Merrill Lynch and as vice president of the Public Utility Group at Goldman Sachs.
Sempra Energy Global Enterprises is the umbrella for Sempra Energy's growth businesses, which develop and operate power plants, natural gas transmission pipelines and supply facilities, as well as market energy products and services. The Sempra Energy Global Enterprises group includes Sempra Energy Trading, Sempra Energy Resources, Sempra Energy International, Sempra Energy Solutions, Sempra Energy LNG Corp. and Sempra Energy Partners.
Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company with 2002 revenues of $6 billion. The Sempra Energy companies' 12,000 employees serve more than 9 million customers in the United States, Europe, Canada, Mexico, South America and Asia.
Media Contacts:
Doug Kline/Ralph Richardson
Sempra Energy
(877) 866-2066
www.sempra.com
Analysts Contacts:
Dennis Arriola/Karen Sedgwick
Sempra Energy
(877) 736-7727
