Buckeye Partners has acquired OCI Solar Power’s 270 MW construction-ready solar project, dubbed Project Parker, located in Falls County, Texas, US.
OCI Solar Power is a US subsidiary of Korea-based OCI Company, engaged in developing, building, financing, owning, and operating solar photovoltaic (PV) facilities.
It specialises in utility-scale and distributed generation solar projects across the US.
OCI Solar Power has obtained the site control and completed all permitting and electrical interconnection agreements for the solar project.
OCI Enterprises president and CEO Charles Kim said: “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 centres 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. Now we’re eager to see Project Parker move forward into the construction phase.”
Buckeye Partners plans to commence the project design and construction for Project Parker later this year, and is planning to bring the project online by the first quarter 2023.
Last month, the company has acquired a solar development project in Hill County, Texas, from Dallas-based renewable energy developer Belltown Power Texas.
Located 90 miles (145km) south of Dallas, the solar project will be built on a site spanning 1,164 acres.
With site control and an interconnection agreement in place, the solar project is designed to have an initial planned capacity of 180MW.
Buckeye intends to start project construction later this year, and bring the development online by December 2022.
Buckeye president and CEO Clark Smith said: “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.
“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.”
