Recurrent Energy has sold an 80% stake in California's 1.4GWh BESS project

　　Recurrent Energy said a few days ago that it has sold 80% of its Crimson energy storage project in California and retains only 20%. The project will become one of the world's largest battery energy storage systems (BESS). Portfolio manager Axium Infrastructure holds 80% of the shares. The group manages more than US$5 billion in energy assets.

　　The Crimson energy storage project received final approval from the Bureau of Land Management of the US Department of the Interior in May this year. The plan at the time was to construct it as a solar + energy storage project with an installed capacity of 350MW. The project is located in the desert of Riverside County, California.

　　The project is described as an independently deployed energy storage project. This is Canadian Solar’s first such project. Construction is expected to begin in the third quarter of this year and put into commercial operation next summer. CSI Solar, another subsidiary of Canadian Solar, will assume engineering, procurement and construction (EPC) responsibilities and provide long-term operational services.

　　Recurrent Energy has signed two long-term contracts with California utilities: (1) Southern California Edison (SCE) has signed a power purchase agreement for the first phase of the 200MW/800MWh project, with a period of 14 years and 10 moon. (2) Pacific Gas and Electric Company (PG&E) signed a 15-year power purchase agreement for the 150MW/600MWh energy storage system of the second phase of the Crimson energy storage project.

　　Recurrent Energy and Axium Infrastructure will put their deployed battery energy storage systems on the California Independent System Operator (CASIO) wholesale market.

　　Thierry Vandal, President of Axium Infrastructure, said, "The partnership with Recurrent Energy marks our first investment in battery energy storage. This important project will support the integration of more clean energy to help California achieve the established energy and Climate change goals."

　　Recurrent Energy said in June this year that the company also has 2.3GWh battery energy storage projects in the late stages of development. All these projects are deployed in California, which is still the leading energy storage market in the United States. Its parent company Canadian Solar has long emphasized the importance of energy storage systems.

　　Related to this, Canadian Solar recently announced that it has signed operations and maintenance (O&M) contracts for two large-scale solar + energy storage projects deployed in Kings County, California.

　　The 300MW solar power plant of the Slate project is currently under construction, and the supporting deployment scale will be 140MW/561MWh battery energy storage system; and the Mustang project will transform the existing 100MW solar power plant in operation, supporting the deployment of 75MW/300MWh battery energy storage system. Both solar + energy storage projects have been sold to Goldman Sachs Renewable Energy.