(San Diego Union Tribune, Rob Nikolewski, 9.Jul.2018) – Continuing its aggressive corporate strategy, IEnova – the Mexican subsidiary of San Diego-based Sempra Energy – added another asset to its energy portfolio Monday by announcing it will spend $150 million to build and operate a liquid fuels marine terminal in the northwest state of Sinaloa.
The federal port authority in the town of Topolobampo, located on the Gulf of California, awarded a 20-year contract to IEnova to construct the terminal that in its first phase will have a storage capacity of 1 million barrels of fuel, mainly gasoline and diesel.
IEnova officials said the company has “achieved significant commercial progress with potential customers” to have the terminal fully contracted and said additional phases of the project could expand to include storage of other products such as petrochemicals.
“IEnova’s success in developing new energy infrastructure is contributing to Mexico’s economic growth, creating jobs and diversifying energy supply while benefiting millions of Mexican energy consumers,” said Joseph Householder, Sempra’s chief operating officer, in a statement.
Monday’s announcement comes just three months after IEnova announced a $130 million investment in a liquid fuels terminal near Ensenada, Mexico, to serve customers in the northern border state of Baja, California. The company signed a long-term contract with the local unit of Chevron as part of the deal.
IEnova has invested about $7.6 billion in energy projects in Mexico, ranging from wind farms to solar power plants to natural gas pipelines and facilities, capitalizing on the country’s energy reform measures that are aimed at attracting private investors to help upgrade Mexico’s energy infrastructure.
Just 7 percent of the country’s households have access to natural gas and the Mexican government wants 35 percent of its power generation to come from renewable sources by 2024.
“We are in the right place, at the right time, with the right team and with the right parent company,” said IEnova CEO Carlos Ruiz Sacristán at an analysts conference in New York City last month.
Meanwhile, a group of activist investors with 4.9 percent stake in Sempra wants to add or replace at least six members of Sempra’s board and has called for the parent company to sell or spin off some of its subsidiaries, including IEnova.
Headed by Elliott Management and Bluescape Resources, the group says assets like IEnova may be valuable but believes a dramatic streamlining of Sempra can add up to $16 billion in shareholder value.
On June 28, Sempra CEO Jeff Martin announced the company will sell all of its solar and wind holdings in the U.S., as well as gas storage facilities in the Deep South, but did not mention making any changes in regards to IEnova or other subsidiaries.
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