Canadian Solar subsidiary Recurrent Energy announced that it sold an 80 percent stake in its 350 MW / 1400 MWh Crimson storage project to Axium Infrastructure. Recurrent Energy will retain the remaining 20 percent ownership.
Construction of the storage project will begin in Q3 2021 and is expected to reach commercial operation by the summer of 2022.
The Crimson storage project is Canadian Solar’s first stand-alone storage project and the largest developed to-date. It holds two energy storage contracts with local utilities, namely:
Phase I: 200 MW / 800 MWh 14 year and 10 month contract with Southern California Edison under a full tolling agreement, and
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 EPC (engineering, procurement, and construction) and long-term operational services for the Crimson storage project.