Just last month, we announced our agreement to sell a 20% equity interest in that business to KKR and it's an important step for two reasons: first, bringing in a new strategic partner allows Sempra Infrastructure to strengthen its own balance sheet while also position the business to self-fund its future growth; and second, this transaction sends a clear market signal about the value and expected growth of our Infrastructure platform.
In the first quarter alone Oncor connected approximately 19,000 new premises, greater than the connections in the first quarter of 2020, again validating the underlying strength of economic and demographic growth in the region.
At Sempra LNG, we have begun engineering, construction of ECA Phase 1 and continue to progress our LNG development projects.
At Cameron Phase 2, we continue to work with our Cameron partners on the technical design of the project and to advance commercial discussions.
In March, we expanded the renewable energy platform by finalizing the acquisition of the remaining 50% equity interest in ESJ and placing the Border Solar project into operation.
With the announced sale of a 20% equity interest in Sempra Infrastructure to KKR, we've gained a strategic partner to help fund future growth.
The $3.37 billion in proceeds is expected to be used to fund growth at our US utilities and to strengthen our balance sheet, and also establishes an implied enterprise value of approximately $25.2 billion.
This compares to first quarter 2020 GAAP earnings of $760 million, or $2.53 per share.
On an adjusted basis, first quarter 2021 earnings were $900 million, or $2.95 per share.
This compares to our first quarter 2020 adjusted earnings of $741 million, or $2.47 per share.
The variance in the first quarter 2021 adjusted earnings compared to the same period last year was affected by the following key items: $73 million of lower losses at parent and other, primarily due to net investment gains, lower net interest expense, lower retained operating costs and lower preferred dividends; $62 million of higher equity earnings from Cameron LNG JV, primarily due to Phase 1 commencing full commercial operations in August of 2020; $35 million of higher CPUC base operating margin at SoCalGas, net of operating expenses; and $30 million of higher equity earnings at Sempra Texas Utilities, primarily due to increased revenues from rate updates to reflect invested capital and customer growth and higher consumption due to weather.
This was partially offset by $56 million of lower earnings due to the sales of our Peruvian and Chilean businesses in April and June of 2020, respectively.

Summary:
On an adjusted basis, first quarter 2021 earnings were $900 million, or $2.95 per share.