Recurrent Energy, a subsidiary of Canadian Solar Inc., has sold a 300MW AC solar Slate project to Goldman Sachs Renewable Power LLC. The Slate project also includes a 140.25 MW/ 561MWh storage. The project is ongoing in Kings County in the state of California. Another Canadian Solar Inc. subsidiary, Systems Solutions, and Energy Storage (SSES), will be the providers of the required battery storage integration solutions on the project.
Canadian Solar has been manufacturing solar Photovoltaic (PV) modules and running solar projects since 2001. The company has several branches spread across countries in North America, Europe, Asia, and Africa. In 2015, Canadian Solar acquired Recurrent Energy for about $265 million. The US-based company develops utility-scale solar energy storage systems. Recurrent Energy has sold several other projects across the US, such as Duke Energy Renewable 144MW AC project and NextEnergy Capital project in North Carolina.
PNC Bank has placed a tax equity investment on this project, which will see the bank get financial returns while supporting the switch to renewable Energy. Bank financing will help this project to run in an environmentally sustainable way. It also presents an innovative way of financing clients while making both parties contented.
This is the largest Slate project to be developed by Recurrent Energy. “The Slate project is Recurrent Energy’s largest solar storage project and represents continued investment in a community where we have done business for nearly a decade,” said Dr. Shawn Qu, CEO and founder of Canadian Solar.
Battery storage has become very crucial in the clean energy industry since Energy needs to be stored for future use when some of the sources are producing insignificant Energy. For instance, sunny days yields more solar power. When the sun is no longer shining, battery storage will come in handy. “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,” added Qu.
The financial partner in this project, NC Bank, has funded green energy projects previously. NC Capital, a PNC Bank unit, offers financing options to cover the purchase and maintenance of solar equipment and installations. Power purchase agreements (PPAs) have been signed between five contractors. Four of the contractors deal with solar and storage solutions, and the other deals with solar products only.
The California project will provide job opportunities for over 400 workers. Half of these job opportunities will be set aside for the local construction professionals. About 962,000 BiKu modules owned by Canadian Solar will be utilized in this project, covering 2,400 acres in Kings County. The project will provide economic empowerment to the local tradesmen and workers and raise the county’s tax revenue.https://nmtribune.com/