November 2, 2019
Houston’s Third Coast Midstream‘s gas distribution system is being acquired by an international infrastructure equity investment fund, according to an agreement expected to be finalized soon.
Basalt Infrastructure Partners II GP Limited has a definitive agreement with Third Coast to buy the Houston company’s natural gas transmission business, terms of which were not disclosed.
The natural gas transmission business includes 7 regulated natural gas lateral pipelines with total capacity of over 1,600 MDth per day, stretching approximately 550 miles.
Those lateral pipelines are connected to 8 major long-haul pipelines, ensuring reliable gas supply to customers across Louisiana, Alabama, Mississippi, Tennessee and Arkansas, Third Coast said in a statement.
Partner of Basalt Infrastructure Partners LLC David Greenblatt said, “cash flows from the business are anchored by long-term firm transportation contracts with a diverse customer base of utility, power and industrial customers.”