Canadian Solar Inc., a global solar technology company, says its wholly-owned subsidiary, Recurrent Energy, has completed the sale of the Slate project to Goldman Sachs Renewable Power LLC (GSRP). Revenue from the transaction will be recognized in Q1 and commercial operation is anticipated in late 2021.
The Slate project is a 300 MW AC solar plus 140.25 MW / 561 MWh storage project located in Kings County, Calif., 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.
The project has signed PPAs with five different off-takers, four of which are solar+storage, and one that is solar-only.
“The Slate project is Recurrent Energy’s largest solar+storage project and represents continued investment in a community where we have done business for nearly a decade,” says Dr. Shawn Qu, chairman and CEO of Canadian Solar. “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.”
The Slate project will utilize approximately 962,000 of Canadian Solar’s high-efficiency bifacial BiKu modules across approximately 2,400 acres in Kings County. The project is expected to employ 405 workers at peak construction, with at least 50% of those construction jobs expected to be filled by local skilled tradesmen from the Kings County area. Along with indirect economic benefits that accompany solar project development, such as increased local spending in the service and construction industries, the Slate project will also have a positive economic impact on the local community by providing significant tax revenues for the county.