Buckeye Partners and Nala Renewables have teamed up to acquire the majority ownership of U.S. based clean energy development and investment platform Swift Current Energy, to accelerate the company’s growth in North America, the firm announced this Wednesday.
Firstly, the strategic partnership will acquire a majority ownership, however, Swift Current Energy management team will retain a minority stake in the company.
Secondly, the transaction will allow Swift Current to accelerate its growth plans; at the same time, Buckeye and Nala will invest in a company that aligns with their business priorities; as they further participate in America’s energy transition.
Thirdly, Swift Current energy is headquartered in Boston. It commercialized more than 1,1 gigawatts of renewable energy since its foundation, back in 2016. Overall, the company has a pipeline of 6 GW of solar, wind and energy storage projects.
Moreover, as the company’s projects are strategically located close to U.S’s demand centers and surrounded by liquid markets, the project portfolio offers significant optionality; driven by high demand from utilities, commercial and industrial users, as well as retail customers.
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Swift Current Energy’s new stakeholders to leverage company’s extensive footprints and networks
In addition, out of the total 6 GW of capacity from Swift Current, over 2 GW come out of eight solar projects, all of them in late stages of development.
Consequently, after the transaction, Swift Current Energy expects that the new shareholders will look to contribute further proprietary renewable energy generation; as well as to leverage further storage opportunities to the platform via their existing footprints and extensive networks.
On the other hand, Clark C. Smith, Buckeye’s President and CEO, said. “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.”
Nala Renewables’ incoming CEO Jasandra Nyker, also stated. “We see North America as a dynamic and growing segment of the global renewable energy landscape; and we are excited to harness the collective power of Nala Renewables, Buckeye and Swift Current to capitalize on opportunities and help move the global energy transition forward.”
Finally, Eric Lammers, Swift Current’s Co-Founder and CEO, concluded. “We are thrilled about Swift Current’s next chapter; we will continue to accelerate the development of renewable energy projects that help reduce emissions from our power generation sector.”