Dominion Energy Inc. (NYSE: D) said Monday it has reached a deal to sell its 50% stake in the Cove Point liquefied natural gas facility in Lusby, Maryland, to a subsidiary of Berkshire Hathaway Inc. (NYSE: BRK) for $3.3 billion in cash.
Berkshire Hathaway Energy, headquartered in Des Moines, Iowa, already oversees the facility. The sale would bring its ownership stake in Cove Point to 75%. Brookfield Infrastructure Partners owns the other 25% of the facility, which has a storage capacity of 14.6 billion cubic feet and is located a little more than 60 miles from the District on the western shore of the Chesapeake Bay. The facility links American gas supplies with customers across the globe.
Dominion CEO and President Robert Blue said in a statement the investment in the facility became “noncore” to his company’s focus on “state-regulated utility operations.”
