Buckeye Partners Announces Launch of Energy Transition Development Company
HOUSTON, March 30, 2023 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. (“Buckeye”) today announced that it is launching BAES Infrastructure, a diversified energy company that will focus on the development, construction, and operation of energy transition projects. BAES Infrastructure will pursue new energy transition-related opportunities, with its seed assets being Swift Current Energy, OneH2, Bear Head Energy, a low carbon hydrogen and ammonia project under development in South Texas, and other advanced-stage solar development projects.
“The launch of BAES Infrastructure represents another step in our energy transition strategy, reinforcing our commitment to investing in growth that aligns with our customers’ current and evolving needs, while facilitating the decarbonization of the broader economy,” said Buckeye CEO Todd Russo. “This new company will allow us to leverage existing and new relationships and focus on investment and development activity in the energy transition space without compromising our focus on safely and reliably operating our critical petroleum products infrastructure.”
BAES Infrastructure will be led by Jamie Cemm as CEO. Mr. Cemm is the former Chair of Buckeye’s Board of Directors (2019-2023) and has led the strategy to expand Buckeye’s business model into a diversified energy infrastructure business. BAES Infrastructure is an extension of that strategy. Mr. Cemm will be joined by a specialized global team with deep multi-disciplinary experience bringing together elements of development, finance, engineering, and investment.
Buckeye is the premier infrastructure and logistics provider for the world’s energy needs, both today and tomorrow.
Buckeye, a wholly owned investment of the IFM Global Infrastructure Fund (“IFM GIF”), owns and operates a diversified global network of integrated assets providing midstream infrastructure and logistic solutions, primarily consisting of the transportation, storage, processing, and marketing of liquid petroleum products. Across every aspect of the business – including its over 5,000 miles of domestic pipeline, more than 135 liquid petroleum products terminals and approximately 130 million barrels of tank capacity – Buckeye focuses on responsibly providing world-class service to meet the changing energy needs of its customers. As part of this business priority and commitment to its customers, Buckeye is increasingly diversifying its platform to advance energy transition initiatives and decarbonization efforts. For more information about Buckeye and its ESG efforts, visit www.buckeye.com.
About BAES Infrastructure
BAES Infrastructure’s mission is to build the infrastructure and logistics platforms that will serve the energy needs of tomorrow.
BAES Infrastructure is focused on developing early-stage, technology-ready projects across a variety of end products, energy value chains, and investment structures. It will leverage the operating expertise, reputation, customer base, asset footprint and global industry network of Buckeye and other stakeholders to develop and invest in the infrastructure solutions enabling the global energy transition.
For more information about BAES Infrastructure, visit www.baesinfra.com.