Buckeye Partners and Nala Renewables will together acquire majority ownership of Swift Current Energy, a North American clean energy development and investment platform. As part of this transaction, Swift Current Energy’s management team will retain a minority ownership in the company through their holding company, Lookout Ridge Energy Partners. The same team will also remain in place as the company’s management. Through this transaction Swift Current Energy will accelerate its growth plans, while Buckeye and Nala Renewables will invest in a renewable energy platform and participate in energy transition.
Founded in 2016, Swift Current Energy is headquartered in Boston, Massachusetts with offices in Illinois, Maine, Montana and Texas. It acquires and develops highly competitive wind and solar energy projects in North America and has commercialised more than 1.1 GW of clean energy projects. It has a pipeline of over 6 GW of solar, wind, and energy storage projects with eight solar projects of total 2 GW capacity in late-stage development.
Buckeye Partners, L.P., is a wholly owned investment of the IFM Global Infrastructure Fund. It owns and operates a diversified global network of integrated assets providing liquid petroleum product logistics solutions with nearly 6,000 miles of domestic pipeline, more than 115 liquid petroleum products terminals and 127 million barrels of tank capacity. It is presently also focusing on energy transition initiatives and decarbonization efforts.
Nala Renewables is a renewable energy company formed in 2020 by the independent commodity trading company Trafigura and the global investment management firm IFM Investors. The company is present in the solar, onshore wind and energy storage projects. It aims to build a 2 GW renewable energy portfolio in the short-term.