
Boston-based Swift Current has a pipeline of over 6 GW of solar, wind and energy storage projects located close to U.S. demand centers in liquid power markets. (Source: Swift Current Energy)
Buckeye Partners LP acquired a majority stake in a leading North American clean energy development and investment platform, Swift Current Energy, that Buckeye’s CEO says will better position the company for the “ongoing energy transition.”
The acquisition is being made as part of a new strategic partnership between Buckeye and Nala Renewables, a renewable energy company formed in 2020 by Trafigura, one of the world’s leading independent commodity trading companies, and global investment management firm IFM Investors.
Buckeye Partners is also owned by IFM Global Infrastructure Fund, an affiliate of IFM Investors which had acquired Buckeye for $6.5 billion in 2019.
“This strategic partnership offers an exciting opportunity to further advance critical renewable energy generation and storage development projects across the United States while growing this platform,” Buckeye President and CEO Clark C. Smith said in a statement.
Boston-based Swift Current has a pipeline of over 6 gigawatts (GW) of solar, wind and energy storage projects located close to U.S. demand centers in liquid power markets. Over 2 GW of this capacity is attributable to eight solar projects which are in late-stage development.
“Through this investment and other renewable developments that align our business with the ongoing energy transition, we are positioning Buckeye to better serve our customers’ needs while improving the business’s long-term resiliency,” Smith continued. “We look forward to leveraging Buckeye’s resources to further strengthen and build the Swift Current platform to scale.”
The terms of the Swift Current transaction weren’t disclosed.
Swift Current’s experienced management team will retain a minority ownership in the company through their holding company, Lookout Ridge Energy Partners, and remain in place as the company’s management.
“We are thrilled about Swift Current’s next chapter as we continue to accelerate the development of renewable energy projects that help reduce emissions from our power generation sector,” Eric Lammers, Swift Current’s co-Founder and CEO, said in a statement.
Founded in 2016, Swift Current Energy acquires and develops highly competitive wind and solar energy projects in North America. The company has commercialized more than 1.1 GW of renewable projects since its founding.
Recommended Reading
Carbon Management: Reducing Emissions Through CCUS Hubs
2022-05-17 - “The initiative is an all-in approach where we say that virtually all methane emissions from the industry can and should be avoided,” OGCI’s Julien Perez said of the coalition’s global goals at Hart Energy’s Carbon Management Conference on May 16.
OTC 2022: Standardization is the Key to Surviving the Energy Transition
2022-05-06 - “We have to strive to eliminate customization for the sake of customization and truly apply where there is value in the approach,” Raymond Jones, vice president of LNG projects, Exxon Mobil, said in a standardization panel at the 2022 OTC.
OTC 2022: Growing US Presence in Offshore Wind Development
2022-05-05 - The U.S. Department of Energy has plans to help fund offshore wind developers as they grow their operations in the Atlantic Ocean and Gulf of Mexico, according to DOE program manager Jocelyn Braun-Saracino.
Defining Decarbonization in the Oil and Gas Sector
2022-03-21 - While oil and gas operators must have clearly defined terms in the rules for regulating their emissions, public outlook must shift to understand that an energy mix is the most realistic option in the energy transition, says Baker Hughes’ Allyson Anderson Book.
DUG Midcontinent 2022: Midstream Takeaways: Ready Access To Markets
2022-03-03 - Jim Leathers, Vice President, Commercial, Superior Pipeline and Phil Zacharias, Vice President, Origination, ARM Energy discuss Oklahoma takeaway opportunities.