Trafigura's Nala, Buckeye acquire majority stake in U.S. renewable energy firm

FILE PHOTO: Trafigura logo is pictured in the company entrance in Geneva, Switzerland March 11, 2012. REUTERS/Denis Balibouse/File Photo/File Photo

LONDON (Reuters) - Trafigura’s joint venture Nala Resources and Buckeye Partners have bought a majority stake in Boston-based Swift Current Energy, Nala said in a statement on Wednesday.

Swift has commercialised 1.1 gigawatts (GW) of renewable projects since it was founded in 2016. The firm has a 6 GW pipeline of solar, wind and storage projects in the United States.

“This investment reflects Nala Renewables’ ambitious energy outlook and is an exciting inaugural acquisition for the company,” Nala Renewables’ incoming CEO Jasandra Nyker said.

“We see North America as a dynamic and growing segment of the global renewable energy landscape.”

Trafigura added that over $2 billion would be needed to develop and build Swift’s advanced solar projects amounting to 2 GW.

IFM Global Infrastructure Fund, an affiliate of IFM Investors, owns oil logistics firm Buckeye. IFM Investors is Trafigura’s partner in Nala.

Geneva-based commodities trader Trafigura set up a power and renewables division in 2019 to be a third pillar of its business. Nala is part of that energy transition drive.

Reporting by Julia Payne; editing by David Evans