Kinder Morgan Inc. (KMI) has completed the sale of a 25.5% equity stake in Elba Liquefaction Co. LLC (ELC) to an undisclosed buyer for about $565 million, management said Tuesday.

ELC, a joint venture between KMI and Blackstone Credit, owns the 2.5 million metric tons/year Elba Island LNG export terminal in Chatham County, GA. 

KMI would continue to operate the liquefied natural gas facility.

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Following the sale, KMI and the undisclosed buyer would each hold a 25.5% stake in ELC, with Blackstone controlling the remaining 49%.

Proceeds from the sale “will reduce short-term debt and create additional capacity for attractive investments,...