Canadian Solar Closes Deal With Goldman Sachs

Canadian Solar To Deliver And Integrate 75 MW / 300 MWh Energy Storage System Into MWac Mustang Solar Project in California
07:15 PM (Beijing Time) - 20. October 2020
Canadian Solar Closes Deal With Goldman Sachs

Vertically integrated PV module manufacturer and solar power plant developer Canadian Solar is moving into the battery storage field for big projects as it pairs solar with battery technology for a first and existing PV project in the US. (Photo Credit: Freepik.com)

Key Takeaways

  • Canadian Solar closes supply contract and long-term service agreement with Goldman Sachs Renewable Power LLC
  • The company will deliver and integrate 75 MW / 300 MWh lithium-ion battery storage solution into the 100 MWac Mustang solar plant in California
  • The energy storage system is a retrofit addition to the Mustang solar plant, which was originally developed by Recurrent Energy, Canadian Solar's wholly owned subsidiary
  • By pairing solar PV with advanced battery technology, Canadian Solar helps its customers generate and store solar power during the day for use in the evening

Canadian Solar announced that it has sealed a supply contract and long-term service agreement with Goldman Sachs Renewable Power LLC, part of the Renewable Power Group of Goldman Sachs Asset Management.

The Chinese vertically integrated PV solutions company will deliver and integrate a 75 MW / 300 MWh lithium-ion battery storage solution into the 100 MWac Mustang solar plant in California. It will also provide the complete integrated solution, including a lithium iron phosphate-based technology package, and all future operations, maintenance and battery augmentation services. In addition, Canadian Solar will support the storage solution with fully wrapped capacity and performance guarantees, ensuring system output, reliability and safety. It is expected that the construction of the energy storage component of the project will begin by early 2021and become operational by mid of 2021.

The 75 MW or 4-hour 300 MWh energy storage system is a retrofit addition to the Mustang solar plant in King’s County, California, which was originally developed by Canadian Solar’s wholly owned subsidiary Recurrent Energy, LLC. The solar plant was connected to the grid in August 2016 and the project’s equity stake was later sold to Goldman Sachs in May 2019 (see Recurrent Energy Divests Stake In 100 MW Solar Project).

Chairman and CEO of Canadian Solar, Dr. Shawn Qu, said, “We are pleased to start supplying this large-scale solar plus energy storage project which will be fully developed by Canadian Solar with our own proprietary technological capabilities. The adoption and integration of energy storage will improve the utilization of solar energy and meaningfully enlarge our global addressable market.”

“We are excited to partner again with Goldman Sachs to deliver clean, cost effective and end-to-end solar energy and storage solutions to our customers and local communities. Despite the challenging market backdrop due to the pandemic, our teams continue to develop innovative technology solutions and execute our business plan. This is a landmark project, the first of many more to come,” Qu added.

Earlier in the month, Canadian Solar had raised RMB 1.78 billion ($260 million) as a prerequisite for its module and system solutions (MSS) business to get listed on the STAR Market in China (see Canadian Solar Raises $260 Million For Module Business). The company had even reshuffled its top management to ensure the success of the initial public offering in China. (see Senior Management Reshuffling At Canadian Solar)

Meena Nair

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Meena Nair