Buckeye Partners (Buckeye) and Nala Renewables will together acquire majority ownership of leading North American clean energy development and investment platform Swift Current Energy (Swift Current).
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. 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.
“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,” says Clark C Smith, Buckeye’s President and CEO. “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.”
“This investment reflects Nala Renewables’ ambitious energy outlook and is an exciting inaugural acquisition for the Company,” says Nala Renewables’ incoming CEO Jasandra Nyker. “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 capitalise on opportunities and help move the global energy transition forward.”
Boston-based Swift Current has commercialized more than 1.1 gigawatts (GW) of renewable projects since its founding in 2016. Swift Current has a pipeline of over 6 GW 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 2 GW 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.
“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,” says Eric Lammers, Swift Current’s Co-Founder and CEO. “We look forward to drawing on Buckeye’s and Nala Renewables’ resources to support our strategic growth.”
