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Canadian Solar and Gresham House announce transaction for a renewables and battery energy storage portfolio in the UK
GUELPH, ON and LONDON, July 25, 2022 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), announces today that it has completed the sale of
About this update from Canadian Solar Inc.
[{"type":"text","content":"GUELPH, ON and LONDON, July 25, 2022 /PRNewswire/ -- Canadian Solar Inc. (\"Canadian Solar\") (NASDAQ: CSIQ), announces today that it has completed the sale of two fully-permitted solar and battery energy storage projects in the UK to specialist alternative asset manager, Gresham House.\nThe two projects comprise a collocated solar and battery energy storage project in Durham, with 50 MWp solar capacity and 38 MW (or 76 MWh) of battery energy storage, and a standalone solar project in Warwickshire of 28 MWp.\nBoth 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 UK grid by improving system reliability, enabling greater integration of renewables and thereby helping the UK economy meet its net-zero carbon targets.\nThe project in Durham is Canadian Solar's first collocated solar PV and battery energy storage project in the UK and it represents the second collocated solar and battery energy storage project acquired by Gresham House. \nThe projects are entirely subsidy-free, consistent with Canadian Solar's long pipeline of UK opportunities under development.\nBoth projects are fully permitted and construction-ready. Canadian Solar will continue to be involved in the projects, being responsible for the long-term operations and maintenance activities.\nGresham 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 UK.\nCanadian Solar is active in the UK renewables market with a 1.8 GWp PV solar and 4.3 GWh battery energy storage pipeline under development. Canadian Solar also 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 Canadian Solar's growth strategy in the UK and broader Europe, Middle East and Africa (EMEA) region which combines an increasing retention of strategic long-term owne...