Orange electric-gas utility Avangrid, parent of Connecticut Natural Gas, announced it completed the sale of its natural-gas storage unit.
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. The price and 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.
