{"id":839,"date":"2021-09-14T13:00:57","date_gmt":"2021-09-14T04:00:57","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=839"},"modified":"2021-09-14T10:24:26","modified_gmt":"2021-09-14T01:24:26","slug":"recurrent-energy-completes-majority-sale-of-1-4-gwh-energy-storage-reliability-project-in-california","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2021\/839.html","title":{"rendered":"RECURRENT ENERGY COMPLETES MAJORITY SALE OF 1.4 GWH ENERGY STORAGE RELIABILITY PROJECT IN CALIFORNIA"},"content":{"rendered":"<h5 style=\"text-align: center;\"><strong>The Company&#8217;s First Stand Alone Energy Storage Project Sale and a Critical Non-Emitting Reliability Resource<\/strong><\/h5>\n<div class=\"xn-content\">\n<p>GUELPH, ON,\u00a0Sept. 8, 2021\u00a0\/PRNewswire\/ &#8212;\u00a0<span style=\"color: #993300;\"><a style=\"color: #993300;\" href=\"https:\/\/www.canadiansolar.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Canadian Solar Inc.<\/a>\u00a0<\/span>(&#8220;Canadian Solar&#8221; or &#8220;the Company&#8221;) (NASDAQ: CSIQ) today announced that its wholly-owned subsidiary,\u00a0<span style=\"color: #993300;\"><a style=\"color: #993300;\" href=\"http:\/\/recurrentenergy.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Recurrent Energy, LLC<\/a><\/span>\u00a0(&#8220;Recurrent Energy&#8221;), sold an 80% stake in its 350 MW \/ 1400 MWh Crimson storage project to Axium Infrastructure (&#8220;Axium&#8221;). Recurrent Energy will retain the remaining 20% ownership. Construction of the storage project will begin in Q3 2021 and is expected to reach commercial operation by the summer of 2022.<\/p>\n<p>&nbsp;<\/p>\n<p>The Crimson storage project is\u00a0Canadian Solar&#8217;s\u00a0first stand-alone storage project and the largest developed to-date. It holds two energy storage contracts with local utilities, namely:<\/p>\n<ul type=\"disc\">\n<li>Phase I: 200 MW \/ 800 MWh 14 year and 10 month contract with Southern California Edison (&#8220;SCE&#8221;) under a full tolling agreement, and<\/li>\n<li>Phase II: 150 MW \/ 600 MWh 15 year contract with Pacific Gas and Electric (&#8220;PG&amp;E&#8221;) for Resource Adequacy only; Recurrent and Axium will operate the battery system in the wholesale\u00a0California\u00a0wholesale power market<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Canadian Solar&#8217;s\u00a0majority-owned\u00a0CSI Solar\u00a0subsidiary will provide both EPC (engineering, procurement, and construction) and long-term operational services for the Crimson storage project.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8220;Global efforts towards a clean energy transition are generating a surge in demand for battery storage capacity to support more reliable power grids. At\u00a0Canadian Solar, we are doing our part by expanding our market leadership position in battery storage and executing on our pipeline,&#8221; said\u00a0Shawn Qu,\u00a0Chairman and CEO of\u00a0Canadian Solar. &#8220;Through the Crimson storage project, we are collaborating with our partner Axium to help improve\u00a0California&#8217;s\u00a0grid reliability and safety by providing critically-needed resource adequacy capacity to meet electricity demand in all scenarios. Once it reaches commercial operation, Crimson will be one of the largest battery energy storage projects in the world. We are pleased to work with Axium as we execute and complete the majority sale of the project.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p>&#8220;The Crimson partnership with\u00a0Canadian Solar\u00a0and Recurrent marks Axium&#8217;s first investment in battery storage. This important project will support the integration of additional sustainable energy projects to help achieve\u00a0California&#8217;s\u00a0ambitious energy and climate change goals,&#8221; said\u00a0Thierry Vandal, President of\u00a0Axium Infrastructure US Inc.<\/p>\n<p>&nbsp;<\/p>\n<p>Both contracts are part of reliability procurements directed by the\u00a0California Public Utilities Commission\u00a0(&#8220;CPUC&#8221;). Located in\u00a0Riverside County, the Crimson project will support\u00a0California&#8217;s\u00a0decarbonization and reliability goals with additional non-emitting, clean resource adequacy capacity.\u00a0The U.S. Interior Department&#8217;s\u00a0Bureau of Land Management\u00a0issued final approval earlier this year as the Crimson project is sited on public lands in the\u00a0California\u00a0desert.<\/p>\n<p>&nbsp;<\/p>\n<h4>About Recurrent Energy (Canadian Solar Subsidiary)<\/h4>\n<p>Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the\u00a0U.S., Recurrent Energy is a wholly owned subsidiary of\u00a0Canadian Solar Inc.\u00a0and functions as\u00a0Canadian Solar&#8217;s\u00a0U.S.\u00a0project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the\u00a0U.S.\u00a0Additional details are available at\u00a0<a href=\"http:\/\/www.recurrentenergy.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><span style=\"color: #993300;\">www.recurrentenergy.com<\/span><\/a>.<\/p>\n<p>&nbsp;<\/p>\n<h4>About\u00a0Axium Infrastructure Inc.<\/h4>\n<p>Axium Infrastructure (comprised of\u00a0Axium Infrastructure Inc.\u00a0and its affiliated entities) is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium Infrastructure had over US\u00a0$5 billion\u00a0in assets under management as of\u00a0June 30, 2021, as well as approximately\u00a0US$1.4 billion\u00a0in co-investments. The firm benefits from the capabilities of a group of specialists with decades of experience acquiring, developing, financing, operating and managing infrastructure assets. Focus is placed on assets that are supported by robust market demand and under long-term contract with creditworthy counterparties. Since 2010, the firm has invested in a diversified portfolio of over 165 North American infrastructure assets. For further information, including information about other infrastructure assets the firm has invested in, please visit\u00a0<span style=\"color: #993300;\"><a style=\"color: #993300;\" href=\"http:\/\/www.axiuminfra.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.axiuminfra.com<\/a><\/span>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Company&#8217;s First Stand Alone Energy Storage Project Sale and a Critical Non-Emitting Reliability Reso [&hellip;]<\/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-839","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\/839","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=839"}],"version-history":[{"count":3,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/839\/revisions"}],"predecessor-version":[{"id":842,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/839\/revisions\/842"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}