KKR, Blackstone Make $17 Billion Natural Gas Bet After AI Boost

Investment giants KKR & Co. and Blackstone Inc. are leading a combined $17 billion investment in the natural gas industry, marking a massive push of private funds into a sector helping to quench artificial intelligence firms’ relentless thirst for energy.

KKR and Canada Pension Plan Investment Board on Tuesday agreed to pay $10 billion for a 45% equity stake in Sempra’s infrastructure arm, which builds liquefied natural gas projects. Meanwhile, Blackstone said it would lead a $7 billion investment to take a 49.9% equity stake in the second development phase of Sempra’s Port Arthur export terminal in Texas.