US petroleum distributor Buckeye Partners has acquired a 270 MW construction-ready solar project – Project Parker, from OCI Solar Power. OCI Solar Power develops, constructs, finances, owns and operates utility-scale and distributed generation solar projects in the US.
Project Parker includes two sites that are located on adjacent land in Falls County, Texas. OCI Solar Power has secured site control and completed all permitting and electrical interconnection agreements. Buckeye plans to start project design and construction later this year. The project will be completed by Q1 2023.
“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,” said Buckeye President and CEO Clark Smith.
Clark Smith added: “As we continue to evolve into a more diversified energy company, 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.”
Charles Kim, President & CEO of OCI Solar Power, said: “Having developed 650 MWDC of currently operational solar projects in Texas, OCI Solar Power 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.”
“The market is now rewarding our strategy, 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,” added Charles Kim.
Project acquisition activity was at a record high in Q2 2021, with over 24 GW of solar projects acquired compared to 14.6 GW in Q1 2021, according to the recently released Mercom’s Solar Funding and M&A Report.
