{"id":1016,"date":"2022-08-01T15:00:16","date_gmt":"2022-08-01T06:00:16","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=1016"},"modified":"2022-08-01T11:59:03","modified_gmt":"2022-08-01T02:59:03","slug":"canadian-solar-and-gresham-house-announce-transaction-for-a-renewables-and-battery-energy-storage-portfolio-in-the-uk","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2022\/1016.html","title":{"rendered":"CANADIAN SOLAR AND GRESHAM HOUSE ANNOUNCE TRANSACTION FOR A RENEWABLES AND BATTERY ENERGY STORAGE PORTFOLIO IN THE UK"},"content":{"rendered":"

GUELPH, ON\u00a0and\u00a0LONDON<\/span>,\u00a0July 25, 2022<\/span>\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.<\/a>\u00a0<\/span>(“Canadian Solar”) (NASDAQ: CSIQ), announces today that it has completed the sale of two fully-permitted solar and battery energy storage projects in the\u00a0UK\u00a0to specialist alternative asset manager,\u00a0Gresham House.<\/p>\n

 <\/p>\n

The two projects comprise a collocated solar and battery energy storage project in\u00a0Durham, with 50 MWp solar capacity and 38 MW (or 76 MWh) of battery energy storage, and a standalone solar project in\u00a0Warwickshire\u00a0of 28 MWp.<\/p>\n

 <\/p>\n

Both parties aim to continue to prioritise collocated renewable projects, where the solar PV and battery energy storage plants are built together and share the same grid connection infrastructure. These projects provide both economic advantages, particularly in the form of shared capital and operating costs, as well as significant benefits to the\u00a0UK\u00a0grid by improving system reliability, enabling greater integration of renewables and thereby helping the\u00a0UK\u00a0economy meet its net-zero carbon targets.<\/p>\n

 <\/p>\n

The project in\u00a0Durham\u00a0is\u00a0Canadian Solar’s\u00a0first collocated solar PV and battery energy storage project in the\u00a0UK\u00a0and it represents the second collocated solar and battery energy storage project acquired by\u00a0Gresham House.<\/p>\n

 <\/p>\n

The projects are entirely subsidy-free, consistent with\u00a0Canadian Solar’s\u00a0long pipeline of\u00a0UK\u00a0opportunities under development.<\/p>\n

 <\/p>\n

Both projects are fully permitted and construction-ready.\u00a0Canadian Solar\u00a0will continue to be involved in the projects, being responsible for the long-term operations and maintenance activities.<\/p>\n

 <\/p>\n

Gresham House New Energy invests in clean energy projects harnessing battery energy storage, solar and wind technologies. The team has a proven track record in acquiring and managing projects throughout their development, construction and operational phases, with a total capacity of 0.7 GW currently operating in the\u00a0UK.<\/p>\n

 <\/p>\n

Canadian Solar\u00a0is active in the\u00a0UK\u00a0renewables market with a 1.8 GWp PV solar and 4.3 GWh battery energy storage pipeline under development.\u00a0Canadian Solar\u00a0also has significant track record in this market, having developed and interconnected to the grid a total capacity of 200 MWp. This transaction is consistent with\u00a0Canadian Solar’s\u00a0growth strategy in the\u00a0UK\u00a0and broader\u00a0Europe,\u00a0Middle East\u00a0and\u00a0Africa\u00a0(EMEA) region which combines an increasing retention of strategic long-term ownership with the execution of strategic sales of selected portfolios in partnership with top tier investors.<\/p>\n

 <\/p>\n

Dr.\u00a0Shawn Qu<\/span><\/a><\/span>,\u00a0<\/span>Canadian\u00a0Solar’s Chairman and CEO, commented:\u00a0“The execution of this transaction demonstrates again our expertise in battery energy storage development and proves the recognised value of our fast-growing pipeline in the\u00a0UK, one of\u00a0Canadian Solar’s\u00a0core markets in EMEA. This sale represents our very first collocated solar and battery energy storage project successfully delivered in the UK.\u00a0Our decision to sell the two projects before construction is primarily aimed at obtaining immediate market recognition and it does not preclude\u00a0Canadian Solar\u00a0from building, alone or in partnerships, the next projects developed in the\u00a0UK\u00a0or in EMEA. We are pleased to partner with\u00a0Gresham House, whose undisputed position as the\u00a0UK’s\u00a0leading investor in battery energy storage certifies\u00a0the strong appreciation of our project development and O&M capabilities, strengthening our position and strategy in the\u00a0UK.”<\/p>\n

 <\/p>\n

Peter Bolton, Investment Director, Renewable Energy at Gresham House, said:\u00a0“We are excited by the opportunity to expand our portfolio of subsidy-free renewables and to secure further collocated solar and battery energy storage assets.\u00a0Gresham House\u00a0is a long-established investor in both renewables and battery energy storage, and we believe in the strong economic case for collocating the technologies on the same site. This reflects a\u00a0UK-wide requirement for more renewables capacity and for battery energy storage to support the grid system as further intermittent renewable generation is added.<\/p>\n

 <\/p>\n

“It is great to formalise our relationship with\u00a0Canadian Solar. Their strong reputation across the solar and battery energy storage supply chain, combined with development-stage track record, means we hope to complete further transactions together in the future.”<\/p>\n

 <\/p>\n

About Gresham House :<\/p>\n

Gresham House plc is a specialist alternative investment manager with assets under management of c.\u00a37.2 billion (as at 30 June\u00a0December 2022\u00a0– unaudited figures,\u00a013 July 2022\u00a0Trading Statement).<\/p>\n

 <\/p>\n

Gresham House New Energy is the clean energy division of Gresham House, focused on battery energy storage, solar and wind technologies. The New Energy Team has a proven track record in acquiring and managing projects throughout their development, construction and operational phases, with a total capacity of 0.7GW currently operating in the\u00a0UK.<\/p>\n

 <\/p>\n

Gresham House Asset Management\u00a0is the\u00a0FCA-authorised operating business of Gresham House plc, a\u00a0London Stock Exchange\u00a0quoted specialist alternative asset manager.\u00a0Gresham House\u00a0is committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions. For more information visit\u00a0www.greshamhouse.com<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

GUELPH, ON\u00a0and\u00a0LONDON,\u00a0July 25, 2022\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.\u00a0(“Canadian Solar”) ( […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1016","post","type-post","status-publish","format-standard","hentry","category-releases"],"_links":{"self":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/comments?post=1016"}],"version-history":[{"count":4,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1016\/revisions"}],"predecessor-version":[{"id":1020,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1016\/revisions\/1020"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=1016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=1016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=1016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}