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Buckeye Partners and Nala Renewables are to acquire majority ownership of leading North American clean energy development and investment platform Swift Current Energy.
The transaction will enable Swift Current to accelerate its growth plans and allow Buckeye and Nala Renewables to invest in a renewable energy platform that aligns with their business priorities while further participating in the energy transition.
Boston-based Swift Current has commercialised more than 1.1GW of renewable projects since its founding in 2016.
Swift Current has a pipeline of over 6GW of solar, wind, and energy storage projects located close to US demand centres in liquid power markets.
The project portfolio offers significant optionality, driven by high demand from utilities, commercial and industrial users and retail customers.
Over 2GW of this capacity is attributable to eight solar projects which are in late-stage development.
It is expected that the new shareholders will look to contribute further proprietary renewable energy generation and storage opportunities to the platform via their existing footprints and extensive networks.
Swift Current’s 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.
Buckeye’s president and chief executive Clark C Smith said: “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.
“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.
“We look forward to leveraging Buckeye’s resources to further strengthen and build the Swift Current platform to scale.”
Nala Renewables’ incoming chief executive Jasandra Nyker added: “This investment reflects Nala Renewables’ ambitious energy outlook and is an exciting inaugural acquisition for the Company.
“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.”
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