Canadian Solar said that its Recurrent Energy business unit sold an 80% stake in its 350 MW / 1,400 MWh Crimson storage project to Axium Infrastructure. Terms were not disclosed.
Recurrent Energy will retain the remaining 20% ownership. Construction work is expected to start this quarter and the facility is slated to reach commercial operation by the summer of 2022. It will be located in Riverside County east of Los Angeles.
The Crimson storage project is Canadian Solar’s first stand-alone storage project. It holds two energy storage contracts with local utilities.
- Phase I: 200 MW / 800 MWh 14 year and 10 month contract with Southern California Edison under a full tolling agreement
- Phase II: 150 MW / 600 MWh 15 year contract with Pacific Gas and Electric for resource adequacy only.
Recurrent and Axium will operate the battery system in the wholesale California wholesale power market. Canadian Solar’s majority-owned CSI Solar subsidiary will provide both engineering, procurement, and construction, and long-term operational services for the Crimson storage project.
Both contracts are part of reliability procurements directed by the California Public Utilities Commission. The U.S. Interior Department’s Bureau of Land Management issued final approval earlier this year as the Crimson project is sited on public lands in the California desert.
The Crimson project is Axium’s first investment in battery storage. The firm has offices in Montreal, Toronto, and New York City.
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