Canadian Solar unit acquires Texas storage duo

Jun 17, 2022 05:43 PM ET
  • 2 projects in the South Load Zone of the ERCOT market will certainly each have 200MWh of capacity
Canadian Solar unit acquires Texas storage duo
Image: Recurrent Energy

Canadian Solar subsidiary Recurrent Energy has acquired two standalone energy storage projects in the US state of Texas completing 400 megawatt-hours (MWh) from Black Mountain Energy Storage for an unrevealed rate.

The projects, which are in the South Load Zone of the Texas ERCOT market, are each prepared for to accumulate to 200MWh of power.

Both projects are presently in development and also are anticipated to reach notification to continue in 2023 and also start operations in the 2nd quarter of 2024.

Canadian Solar chairman and also chief executive Shawn Qu said: "ERCOT is among the fastest expanding markets in the world for energy storage, driven by market need for flexible capacity.

" We are pleased to increase our ERCOT storage pipeline with the acquisition of 2 projects amounting to 400MWh of storage from Black Mountain Energy Storage.

" We eagerly anticipate bringing our storage development, financing as well as building and construction experience to birth as we bring these projects to fulfillment and also increase grid integrity for Texans."

Black Mountain Energy Storage supervisor of company growth Witt Duncan said: "It's bittersweet to see these projects leave the nest, but I have to state Recurrent picked them well.

" We should see noticable volatility at these nodes for many years to find, and these batteries will certainly not only capture significant value however supply resiliency in a sparse region of ERCOT's transmission network.

" Determining challenged locations of the transmission network that create outsized possibilities for spread capture is BMES' core focus, as well as we have 3GW of optimally sited ERCOT BESS projects in the hopper behind these two.

" We're thrilled to see Recurrent Energy take each of these projects into the next phase of advancement and also value the proficiency the folks at LevelTen Energy gave the table to facilitate a reliable transaction process."

The deals were carried out with the LevelTen Asset Marketplace, a platform that connects clean energy project designers and financiers, and gives the software program, analytics as well as M&A transaction proficiency they require to implement purchases quickly

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