- Acquires a portfolio of 400 MWh of battery storage projects.
- Project to be put on stream by the second quarter of 2024.
Canadian Solar-owned Recurrent Energy LLC has acquired a portfolio of 400 MWh of battery storage projects. The projects are planned to commence operations by 2024. The portfolio acquired includes two standalone projects of up to 200 MWh each and is located in the South Load Zone of the Texas ERCOT market. The portfolio’s vendor is Bllack Mountain Energy Storage (BMES). This was revealed by Canadian SOlar, who did not reveal the value of the acquisition.
Currently, the two schemes are still being developed and expected to reach the notice to proceed (NTP) stage in 2023. Plans are that the project will be put on stream by the second quarter of 2024. The projects will be operated as merchant facilities, providing dispatchable power to the grid.
The purchase is taking place through the LevelTen Asset Marketplace platform. Upon the acquisition, Recurrent will go ahead with the development of the two schemes and work to finalise the design layouts, procure equipment and raise funding for the projects.
According to Canadian Solar, Recurrent Energy has developed 2.9 GWh of energy storage projects either in operation or still under construction. It also stated that Recurrent’s pipeline includes 15.5 GWh of additional projects under early to mid-stage development.