Canadian Solar’s wholly-owned subsidiary Recurrent Energy has completed the sale of the Slate solar + storage project to Goldman Sachs Renewable Power. Commercial operation is anticipated in late 2021.
The Slate project is a 300-MWAC solar plus 140.25-MW/561-MWh storage project located in Kings County, California, and has commenced construction. Canadian Solar’s majority-owned energy storage subsidiary System Solutions and Energy Storage (SSES) will provide the battery integration solution for the project. Additionally, PNC Bank is providing a tax equity commitment to the project.
The project has signed PPAs with five different off-takers, four of which are solar and energy storage, and one that is solar-only.
“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, chairman and CEO of Canadian Solar. “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. We are now starting to see our efforts come to fruition and are solidly positioning Canadian Solar as a market leader in this space.
The project is expected to employ 405 workers at peak construction, with at least 50% of those construction jobs expected to be filled by local skilled tradesmen from the Kings County area. Along with indirect economic benefits that accompany solar project development, such as increased local spending in the service and construction industries, the Slate project will also have a positive economic impact on the local community by providing significant tax revenues for Kings County.
News item from Canadian Solar