Buckeye Partners LP agreed on Aug. 16 to acquire a construction-ready solar project in Texas, marking the Houston-based midstream company’s second solar acquisition in the Lone Star State within the past month.
According to a joint release, Buckeye will acquire the 270 megawatt solar project, referred to as Project Parker, located in Falls County, Texas, from OCI Solar Power LLC. Terms of the transaction weren’t disclosed.
“Buckeye’s investment in Project Parker is an example of our strategy to drive sustainable value for our customers while playing an essential role in the energy transition,” commented Buckeye President and CEO Clark Smith in the release.
Buckeye Partners, a wholly owned investment of the IFM Global Infrastructure Fund, owns and operates a diversified global network of integrated assets providing liquid petroleum product logistics solutions.
As part of a new strategy, Buckeye Partners has begun to bulk up its existing renewable energy portfolio in order to further diversify its revenue sources and position Buckeye to meaningfully participate in the energy transition. This has included acquisitions such as Buckeye Partners’ purchase of a solar development project located south of Dallas in Hill County, Texas, announced on July 29.
“As we continue to evolve into a more diversified energy company,” Smith continued in the release on Aug. 16, “acquisitions like Project Parker represent an opportunity to invest in growth that aligns with our business and ESG priorities, and leverages our existing expertise and capabilities.”
Project Parker includes two sites that are located on adjacent land in Falls County. Buckeye plans to start project design and construction later this year with the goal of bringing the project online in first-quarter 2023.
OCI Solar Power has secured site control and completed all permitting and electrical interconnection agreements for Project Parker.
Headquartered in San Antonio, OCI Solar Power develops, constructs, finances, owns and operates solar photovoltaic facilities, specializing in utility-scale and distributed generation solar projects throughout the U.S. The company is also a subsidiary of OCI Co. Ltd., a publically traded company in Korea.
In the joint release, Charles Kim, president and CEO of OCI Solar Power, said the company made the key strategic decision several years ago to develop more in Texas with an emphasis on projects that can meet the electricity demands of population centers in the eastern half of the state.
“Our strategy is now being rewarded by the market, and the sale of Project Parker to such a well-respected energy company like Buckeye further validates our approach,” Kim commented in the release.
“Now we’re eager to see Project Parker move forward into the construction phase,” he added.
Recommended Reading
Darbonne: ‘The Dance’ of US Policy Leaving Energy Mid Slip
2024-09-05 - The 1909 Matisse painting known as “The Dance” demonstrates the outcome of one of the U.S.’ pillars falling down.
Hurricane Francine Shuts in Quarter of GoM Oil, Gas Production
2024-09-11 - The Bureau of Safety and Environmental Enforcement reported that 130 platforms and several rigs were affected as the storm approached the Louisiana coast.
US Oil Firms Evacuate Staff, Cut Drilling Ahead of Storm Francine
2024-09-09 - Francine is moving toward U.S. Gulf of Mexico waters and predicted to become the fourth hurricane of the Atlantic season.
Oil Prices Jump 4% on Reports of Iran Preparing to Attack Israel
2024-10-01 - An Israeli attack on Iranian oil production or export facilities could cause a material disruption, potentially more than a 1 MMbbl/d.
EQT Plans to Reverse Some US Natgas Production Curtailments in Oct, CEO Says
2024-09-25 - EQT, the biggest U.S. natural gas producer, has along with other U.S. drillers curtailed output in 2024 after prices collapsed to multi-year lows in the spring following a mild winter that left a tremendous oversupply of fuel in storage.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.