Buckeye Partners, a company that has evolved from an 1886 subsidiary of John D. Rockefeller’s Standard Oil Company, has acquired a 270 MW, construction-ready solar project, dubbed Project Parker, from OCI Solar Power.
When construction is commenced later this year, Project Parker will be built on adjacent properties in Falls County, Texas, just south of Waco and will be comprised of more than 2,900 solar panels. Other hardware specifications, like the choice of mounting systems or inverters, have not yet been made public.
Prior to the project’s acquisition, OCI Solar secured site control and completed all permitting and electrical interconnection agreements. Buckeye plans to start project design and construction later this year with the goal of bringing the project online in first quarter 2023.
Buckeye, which is now owned by IFM Investors, an Australian financial company, is in the process of transitioning itself as a company, having historically operated as network for the transportation, sale, and processing of liquid petroleum products. The company operates a “tank field” to store petroleum products within Falls County.
In a statement, Buckeye President and CEO Clark Smith said of the acquisition:
“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.”
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