Buckeye Partners has entered into a definitive agreement to acquire Bear Head Energy, which owns a clean energy development project located in an industrial complex in Point Tupper, Nova Scotia, Canada.
The Bear Head Project, previously developed as a liquified natural gas import and export facility, is fully permitted, and the project is unique in Eastern Canada with all the project approvals and permits in place necessary for construction, placing it at a significant advantage for expeditious project development and execution.
Located on 251 acres of land and a 68-acre water lot on the northeast bank of the Strait of Canso, the project has access to one of the northern-most, year-round ice-free ports with advantaged proximity to critical demand markets in Atlantic Canada, the U.S. East Coast, and Europe.
“Nova Scotia’s unique geographical characteristics give the region the potential to become one of the most productive renewable and green energy development areas in the world, and via this acquisition, we intend to develop a large-scale energy production, distribution, and export hub that will offer our customers lower-carbon energy solutions, including LNG or other green fuels,” said Buckeye CEO Todd J. Russo.
“We are excited to support the Bear Head management team, which has a rich history with the Project and strong association with Nova Scotia and key stakeholders in the region.
“This acquisition demonstrates Buckeye’s focus on being an integral part of the next phase of the global energy evolution,” added Russo.
Buckeye continues to pursue a targeted investment and diversification strategy throughout its business, focusing on opportunities in low-carbon energy sources such as solar, wind, hydrogen, biofuels, and LNG.
“Buckeye is completely aligned with our values, and we are excited to continue expanding on our relationships with Mi’kmaq communities, governing authorities, and local stakeholders in pursuit of building a world-class energy export facility in Nova Scotia,” said Bear Head COO Paul MacLean.
“We are excited to have Buckeye as our shareholder in the development of Bear Head,” Bear Head President and CEO John Godbold stated. “With the full support of Buckeye, we can leverage their best-in-class project management, construction, and financial capabilities, which are integral to our ability to develop the Project with a clear line of sight from development through operations.”
The Bear Head Project is anticipated to spur economic growth in the Strait region, providing a variety of economic and social benefits for the community, while strengthening the region’s involvement in the energy transition.
“Canada has the natural resources, skilled workforce, and access to global markets that can provide abundant clean energy to North America and the rest of the world,” Katie Curran, Interim CEO, Invest in Canada, Canada’s national investment promotion agency, claimed. “Invest in Canada has worked collaboratively with governments and industry stakeholders on the Bear Head Project to bring sustainable benefits to individuals and communities in the region.”
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