DALLAS, May 16, 2019 /PRNewswire/ -- Sharyland Utilities,
L.L.C. (Sharyland) announced today that it has closed its
transaction with Sempra Energy, whereby Sempra Energy now
indirectly owns a 50 percent stake in the company. In
addition, Sharyland announced today that Stacey Doré has assumed
the duties of President and CEO for Sharyland.
"Today marks a new beginning for Sharyland and for our
commitment to supporting the critical transmission infrastructure
needs of ERCOT," said Hunter Hunt,
CEO of Hunt Consolidated Energy. "As a company, we are excited
about the opportunities that this new partnership with Sempra
Energy will bring."
Going forward, Sharyland will continue as an independent
transmission utility, owned 50 percent by entities controlled by
Hunter L. Hunt and other members of
the family of Ray L. Hunt and 50
percent by entities controlled by Sempra
Energy. Sharyland will own transmission assets that it
previously built in South Texas
and will continue to seek development opportunities throughout the
Electric Reliability Council of Texas (ERCOT) in partnership with Sempra
Energy.
In addition, Stacey Doré has been named the new President and
CEO of Sharyland Utilities. Doré previously served as
Senior Vice President and General Counsel of InfraREIT, Inc., and
Hunt Utility Services, LLC (HUS), which was the external manager of
InfraREIT, Inc. (NYSE: HIFR) (InfraREIT). Doré will also
serve as President of HUS, which will now provide external
management services to Sharyland. Prior to joining Hunt,
Doré spent eight years with Energy Future Holdings Corp., serving
the last four years as General Counsel and Chief Restructuring
Officer.
"Stacey is the perfect person to lead our team going forward,"
said Hunt. "Stacey's creativity, judgment, and values have been
essential in paving the way for a new chapter for Hunt and
Sharyland. She knows the utility industry extremely
well, and she knows how to run Sharyland in a manner that will
benefit both ERCOT and the communities where we will be
operating."
Sharyland's transaction with Sempra Energy is part of a broader
set of transactions that were initially announced in October 2018 and that included the $1.275B sale of InfraREIT, Inc. to Oncor Electric
Delivery Company LLC (Oncor), which is majority-owned by Sempra
Energy. Over the past seven months, these transactions
received all necessary regulatory approvals, including the final
approval of the Public Utility Commission of Texas on May 9,
2019.
Now that all the transactions have closed, Oncor owns
InfraREIT's electric transmission utility business, which Hunt
developed, constructed, and grew to $2
billion in assets over the past two decades. The
InfraREIT business now owned by Oncor consists of all electric
transmission assets previously owned by Sharyland and InfraREIT
located in Central Texas,
West Texas, and the Texas Panhandle and South Plains, including
the Golden Spread Electric Cooperative interconnection, the Lubbock
Power & Light interconnection project, and other ERCOT
development projects outside of South Texas.
Baker Botts acted as legal advisor to Sharyland and Hunt
Consolidated, Inc. in the transaction. Morgan Stanley acted as
exclusive financial advisor to Hunt Consolidated, Inc. in the
transaction.
About Sharyland Utilities, L.L.C.
Sharyland Utilities,
L.L.C. is a Texas-based electric
transmission utility that is fully regulated by the Public Utility
Commission of Texas. We are
committed to providing safe, reliable, and efficient transmission
and substation services, ensuring operational excellence, and
investing to support infrastructure needs throughout the Electric
Reliability Council of Texas grid.
Sharyland Utilities is owned 50 percent by entities controlled by
Hunter L. Hunt and other members of
the family of Ray L. Hunt and 50
percent by entities controlled by Sempra
Energy. Additional information about Sharyland can be
found at www.sharyland.com.
About Hunt Utility Services, LLC
Hunt Utility Services
provides management and support services for Sharyland Utilities,
L.L.C., and is part of a larger privately-owned group of companies
managed by the Ray L. Hunt family
that engages in oil and gas exploration, refining, power, real
estate, ranching, and private equity
investments. Additional information about Hunt Utility
Services can be found at www.huntutility.com.
About Sempra Energy
Sempra Energy's mission is to
be North America's premier energy infrastructure company.
With 2018 reported revenues of more than $11.6 billion,
the San Diego-based company is the utility holding company
with the largest U.S. customer base. The Sempra Energy companies'
more than 20,000 employees are focused on delivering energy with
purpose to approximately 40 million consumers worldwide. Sempra
Energy has been consistently recognized for its leadership in
diversity and inclusion, and social responsibility, and is a member
of the S&P 500 Utilities Index and the Dow Jones Utility
Index.
Contact: Paul Schulze
214-978-8534
View original
content:http://www.prnewswire.com/news-releases/sharyland-utilities-closes-transaction-with-sempra-energy-sempra-energy-to-own-50-percent-of-sharyland-along-with-hunt-stacey-dore-named-new-sharyland-president-and-ceo-300852053.html
SOURCE Sharyland Utilities, L.L.C.
