Subscriber Login

North America News

Canadian Solar sells major stake in California BESS project [free access]

September 9, 2021

Canadian Solar’s project development subsidiary, Recurrent Energy, has sold an 80 per cent stake in its 350 MW/1,400 MWh Crimson energy storage project in California, to an investment portfolio management firm Axium Infrastructure. Recurrent Energy will retain the remaining 20 per cent stake.

 

Construction on the energy storage project is expected to begin in the third quarter of 2021, with expected commercial operation in the summer of 2022. Canadian Solar subsidiary, CSI Solar, is responsible for carrying out engineering, procurement and construction (EPC) and long-term operational services for the project.

 

The project is Canadian Solar’s first stand-alone storage project. It holds two energy storage contracts with local utilities – Southern California Edison (SCE) and Pacific Gas & Electric (PG&E). For the 200 MW/800 MWh Phase I of the project, it has entered into a 14-year and 10-month contract with SCE under a full tolling agreement, while for the 150 MW/600 MWh Phase II, it has a 15-year contract with PG&E for resource adequacy only.

 

Both contracts are part of the reliability procurements directed by the California Public Utilities Commission (CPUC). The Crimson project is Axium’s first investment in battery storage.