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Canadian Solar Subsidiary Recurrent Energy Completes Sale and Breaks Ground on the Slate Project, Expected to Be One of the Largest PV + Battery Storage Projects in the U.S.
Project will provide low-cost solar power and grid reliability support to California GUELPH, ON, Jan. 13, 2021 /PRNewswire/ -- Canadian Solar Inc. ("Canadian
About this update from Canadian Solar Inc.
[{"type":"text","content":"Project will provide low-cost solar power and grid reliability support to California\n\n\nGUELPH, ON, Jan. 13, 2021 /PRNewswire/ -- Canadian Solar Inc. (\"Canadian Solar\") (NASDAQ: CSIQ) today announced that its wholly-owned subsidiary, Recurrent Energy, completed the sale of the Slate project to Goldman Sachs Renewable Power LLC (\"GSRP\"). Revenue from the transaction will be recognized in Q1 2021 and commercial operation is anticipated in late 2021. \nThe 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 storage integration solution for the project. Additionally, PNC Bank is providing a tax equity commitment to the project, which demonstrates its pledge to not only manage its own operations in an environmentally sustainable manner, but also to support clients with innovative financing options as the world transitions to a low-carbon economy.\nThe project has signed PPAs with five different off-takers, four of which are solar and energy storage, and one that is solar-only.\nDr. Shawn Qu, chairman and CEO of Canadian Solar stated, \"The Slate project is Recurrent Energy's largest solar-plus-storage project and represents continued investment in a community where we have done business for nearly a decade. 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. This transaction demonstrates that our SSES team is now a top bankable battery storage solutions provider with deep technical know-how in solar and battery integration technology. Likewise, the Recurrent Energy team has done an excellent job in growing our storage pipeline in the U.S. which is currently over 4 GWh.\" \nDr. Qu added, \"Having recently transacted with Goldman Sachs Renewable Power on our first large-scale storage integration and long term service agreement for the neighboring Mustang project, after the project sale in 20...