- Recurrent Energy divests stake in 300 MW AC Slate Solar Project for an undisclosed sum to the GSRP
- It has also broken ground on site expecting to bring it online by the end of 2021
- The BESS component of 140.25 MW/561 MWh storage will be installed by Canadian Solar’s energy storage subsidiary SSES
- Project is contracted under 5 long term PPAs, 4 with storage component and 1 without it
Canadian Solar subsidiary Recurrent Energy has completed the sale of its largest solar-plus-storage project—a 300 MW AC solar PV project with 140.25 MW/561 MWh storage capacity to Goldman Sachs Renewable Power LLC (GSRP). The transaction value wasn’t shared.
Canadian Solar says it is expected to be one of the largest integrated solar-plus-storage projects in the US.
This sale enables Recurrent Energy to go ahead with the construction of the Slate Solar & Storage Project as it aims to commission the project later this year. The battery energy storage system will be installed by Canadian Solar’s majority owned energy storage subsidiary System Solutions and Energy Storage (SSES).
To be located on 2,400 acres of land in Kings County, California, it will be equipped with close to 962,000 high efficiency bifacial BiKu solar modules of Canadian Solar.
Power produced by the project is contracted to be sold to 5 different off-takers, out of which 4 offtakers have committed to both solar and storage capacity, and 1 for solar power only.
The Slate Project takes Canadian Solar’s storage pipeline in the US to over 4GWh, said Canadian Solar Chairman and CEO Dr. Shawn Qu, “Given the huge market opportunity presented by battery storage, both standalone as well as paired with solar, we have focused significant resources in developing our own technological, servicing and financing solutions over the past few years.”
This is the 2nd project deal for Canadian Solar and GSRP as the company sold its 134 MWDC/100 MW AC Mustang Solar Project to the latter in May 2019 and later the 2 entered into a supply and service agreement for 75 MW/300 MWh energy storage solution for the solar project (see Canadian Solar Closes Deal With Goldman Sachs).