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Buckeye Partners Continues to Invest in Energy Transition With Strategic Solar Acquisition

07/29/2021 | 08:04am EST

HOUSTON and DALLAS, July 29, 2021 (GLOBE NEWSWIRE) -- As part of its strategic approach to long-term value creation, Buckeye Partners, L.P. (“Buckeye”) has taken another step by acquiring a solar development project in Hill County, Texas from leading renewable energy developer, Dallas-based Belltown Power Texas, LLC., (“Belltown”).

“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,” said Buckeye President and CEO Clark C. Smith.

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.

“Texas continues to be at the fore of the energy transition, and we are proud of our team’s work on this important project, which is in good hands with Buckeye Partners. Belltown is excited to see this project and others like it, mature to create meaningful benefits and contribute to the lower-carbon shift that is evolving with increasing momentum,” said Belltown President Lloyd Pope.

This project will bring additional 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.

“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,” added Mr. Smith.

Media Contacts:

Buckeye Partners
buckeye@fticonsulting.com

Belltown Power Texas
lpope@belltownpower.com

About Buckeye Partners
Buckeye Partners, L.P., 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. Across every aspect of the business – including its nearly 6,000 miles of domestic pipeline, more than 115 liquid petroleum products terminals and 127 million barrels of tank capacity – Buckeye focuses on responsibly providing world-class service to meet the changing energy needs of its customers. As part of this business priority and commitment to its customers, Buckeye is increasingly diversifying its platform to advance energy transition initiatives and decarbonization efforts. For more information about Buckeye and its ESG efforts, visit buckeye.com.

About Belltown Power Texas
Belltown Power Texas, LLC is a developer of solar photovoltaic and storage projects in ERCOT, with a geographic focus in the North and South Zones. It is currently advancing the development of over 3GW of projects to be delivered into the grid over the next five years. Belltown Power Texas, LLC is part of the Belltown Group which is a specialist global renewable energy developer and IPP with a strong track record, world class team and diversified pipeline across wind and solar projects. Visit belltownpowertexas.com to learn more.


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ę GlobeNewswire 2021
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