Buckeye Partners, a wholly owned investment of the IFM Global Infrastructure Fund, announced this Monday it acquired a construction-ready solar project from OCI Solar Power. Project locates in Falls County, Texas.
Firstly, the projects is called, Project Parker; it has a capacity of 270 megawatts; it includes two sites, adjacent to each other. Both located at Fall County, Texas. According to the statement, OCI Solar secured the site completed all permitting and electrical interconnection agreements.
Secondly, Buckeye plans to start project design and construction later this year; with the goal of bringing the project online in first quarter 2023. The acquisition is part of a company’s strategy to grow its sustainable portfolio.
Thirdly, about the relevance of the acquisition, Buckeye President and CEO Clark Smith, said. “Buckeye’s investment in Project Parker is an example of our strategy to drive sustainable value; especially for our customers, while playing an essential role in the energy transition.”
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Buckeye diversifying its portfolio
He also remarked. “As we continue to evolve into a more diversified energy company; acquisitions like Project Parker also, represent an opportunity to invest in growth that aligns with our business and ESG priorities; and also leverages our existing expertise and capabilities.”
On the other hand, Charles Kim, President & CEO of OCI Solar Power, said about the selling. “Having developed 650 MWDC of currently operational solar projects in Texas; we also 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.”
He also remarked. “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. Now we’re eager to see Project Parker move forward into the construction phase.”
Finally, as said above, the acquisition diversifies Buckeye’s portfolio. The company owns and also operates assets across all aspects of the business; including nearly 6,000 miles of domestic pipeline, more than 115 liquid petroleum products terminals and 127 million barrels of tank capacity.
