IFM Investors-backed Buckeye Partners 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, according to a news release.
BAES Infrastructure will pursue new energy transition-related opportunities, with its seed assets being Swift Current Energy (a U.S.-based renewable energy platform), OneH2 (a U.S.-based hydrogen infrastructure and fueling solutions platform), Bear Head Energy (a low carbon hydrogen and ammonia project in Nova Scotia), a low carbon hydrogen and ammonia project under development in South Texas, and other advanced-stage solar development projects.
The new company 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 its parent company, Buckeye Partners, and other stakeholders to develop and invest in the infrastructure solutions enabling the global energy transition.
BAES will be led by Jamie Cemm as CEO. Since 2010, Cemm has been instrumental in leading the development and expansion of IFM Investors’ strategic partnerships in global energy infrastructure, as well as the growth of IFM Global Infrastructure Fund’s midstream portfolio through leading and executing key transactions, including the privatization of Buckeye. He will be joined by a specialized global team with deep multi-disciplinary experience bringing together elements of development, finance, engineering, and investment.
“I am pleased to be leading BAES Infrastructure as we move to capture the opportunities in the energy transition space, where the scale and pace of the infrastructure build-out required to meet governmental and societal goals is unprecedented,” Cemm said in a statement. “We intend for BAES Infrastructure to play a fundamental role in facilitating the energy transition through the intersection of our team’s expertise, access to an operating platform’s resources and capabilities, and deep network of customer and strategic relationships, all of which together will set us apart from typical financial investors.”
“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 in a separate news release. “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.”
