Buckeye Partners will acquire the solar project under development in Hill County, Texas, from Dallas-based Belltown Power Texas. (Source: Shutterstock.com)
Buckeye Partners LP agreed to acquire a solar development project located south of Dallas, which the Houston-based midstream company said illustrates its focus on investing in the energy transition.
“Buckeye is focused on being an integral part of the next phase of the energy evolution, and investments like this—along with several other recently announced strategic investments in critical renewable and low-carbon opportunities—demonstrate our commitment to responsibly serving our customers’ needs while reinforcing our business’ long-term resiliency,” commented Buckeye President and CEO Clark C. Smith in a release announcing the deal on July 29.
Buckeye will acquire the solar project under development in Hill County, Texas, from Dallas-based Belltown Power Texas LLC. Terms of the transaction weren’t disclosed.
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.
The acquired project adds solar generation capacity to Buckeye’s existing renewable energy portfolio and, in combination with other recent strategic renewable generation and hydrogen-related investments, will contribute to further diversifying the company’s revenue sources and positioning Buckeye to “meaningfully participate in the energy transition,” according to the company release.
“This is an exciting time for Buckeye as we build on our long history of demonstrated leadership as a midstream logistics provider to evolve into a more diversified energy company,” Smith added in the release.
Located on 1,164 acres approximately 90 miles south of Dallas, the advanced solar development project—with site control and an interconnection agreement complete—is designed for 180 megawatts of planned capacity. Buckeye intends to start project construction later this year with the goal of bringing the development online by December 2022.
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