Two standalone energy storage projects were acquired from
Black Mountain Energy Storage
GUELPH,
ON., June 16, 2022 /PRNewswire/
-- Recurrent Energy, LLC ("Recurrent"), a wholly owned
subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ:
CSIQ), today announced the acquisition of two standalone energy
storage projects from Black Mountain Energy Storage (BMES). The
projects, which are in the South Load Zone of the Texas ERCOT
market, are each anticipated to store up to 200 MWh of energy. Both
projects are currently in development and are anticipated to reach
notice to proceed (NTP) in 2023 and begin operation in the second
quarter of 2024.
Recurrent has developed 2.9 GWh of energy storage projects that
are in construction or operation and has an additional pipeline of
15.5 GWh of projects under early to mid-stage development. The two
standalone energy storage projects added to Recurrent's development
pipeline will be operated as merchant projects in the ERCOT market,
providing dispatchable and reliable power to the grid. Recurrent
will continue to develop the projects, finalize entitlements and
designs, select and procure equipment, raise project financing, and
construct the facilities.
Dr. Shawn Qu, chairman
and CEO of Canadian Solar, said, "ERCOT is one of the
fastest growing markets in the world for energy storage, driven by
market demand for flexible capacity. We are pleased to accelerate
our ERCOT storage pipeline with the acquisition of two projects
totaling 400 MWh of storage from Black Mountain Energy Storage. We
look forward to bringing our storage development, financing and
construction experience to bear as we bring these projects to
fruition and increase grid reliability for Texans."
According to Wood Mackenzie's US Energy Storage Monitor report,
in 2021 annual deployments of grid-scale storage nearly tripled
year-over-year, to over 3.5 gigawatts, with California and Texas as leaders. The South Zone in ERCOT is
an attractive area for storage development due to the abundance of
coastal wind and solar power. Battery storage enables stored power
to be used during times of peak demand, improving reliability.
"It's bittersweet to see these projects leave the nest, but I
must say Recurrent picked them well. We ought to see pronounced
volatility at these nodes for years to come, and these batteries
will not only capture significant value but provide resiliency in a
sparse region of ERCOT's transmission network. Identifying
challenged areas of the transmission network that produce outsized
opportunities for spread capture is BMES' core focus, and we have
3.0 GW of optimally sited ERCOT BESS projects in the hopper behind
these two. We're excited to see Recurrent Energy take each of these
projects into the next phase of development and appreciate the
expertise the folks at LevelTen Energy brought to the table to
facilitate an efficient transaction process," said Witt Duncan, Director of Corporate Development,
BMES.
The transactions were executed through the LevelTen Asset
Marketplace, a platform that connects clean energy project
developers and financiers, and provides the software, analytics and
M&A transaction expertise they need to execute transactions
quickly.
"The LevelTen Asset Marketplace provides a centralized platform
for renewable energy project sales, and delivers the tools buyers
and sellers need to transact quickly. We are happy that our
platform enabled the deal between Recurrent and Black Mountain
Energy Storage, both of whom are doing pioneering work to
accelerate storage and clean energy development," said Patrick Worrall, vice president of Asset
Marketplace, LevelTen Energy.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery storage solutions, and developer of
utility-scale solar power and battery storage projects with a
geographically diversified pipeline in various stages of
development. Over the past 20 years, Canadian Solar has
successfully delivered around 71 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise,
since entering the project development business in 2010, Canadian
Solar has developed, built and connected over 6.6 GWp in over
20 countries across the world. Currently, the Company has around
800 MWp of solar projects in operation, 5.3 GWp of projects under
construction or in backlog (late-stage), and an additional 18.5 GWp
of projects in pipeline (mid- to early- stage). Canadian Solar
is one of the most bankable companies in the solar and renewable
energy industry, having been publicly listed on the NASDAQ since
2006. For additional information about the Company, follow
Canadian Solar on LinkedIn or
visit www.canadiansolar.com.
About Recurrent Energy (Canadian Solar Subsidiary)
Recurrent Energy is a leading utility-scale solar and storage
project developer, delivering competitive, clean electricity to
large energy buyers. Based in the U.S., Recurrent Energy is a
wholly owned subsidiary of Canadian Solar Inc. and functions as
Canadian Solar's U.S. project development arm. Recurrent Energy has
approximately 5 GW of solar and storage projects in development in
the U.S. Additional details are available at
www.recurrentenergy.com.
About Black Mountain Energy Storage
Black Mountain Energy Storage (BMES) is the nation's fastest
growing energy storage development platform. Entrepreneurially
spirited and guided by core two principles, velocity and site
specificity, BMES is a has developed a +3GW pipeline of optimally
sites utility scale storage projects in ERCOT and has ambitions to
own and operate a nationwide fleet of battery storage projects.
BMES is the youngest of the Black Mountain family of companies and
based in Austin, TX. Visit
www.bmenergystorage.com to learn more.
About LevelTen Energy
LevelTen Energy is the leading provider of renewable transaction
infrastructure, delivering the cloud-based software, centralized
supply, automated analytics, and expertise required to accelerate
clean energy transactions. The LevelTen Platform is the world's
largest online hub for renewable energy buyers, sellers, advisors,
asset owners and financiers. The Platform includes the LevelTen
Energy Marketplace, which delivers access to more than 4,000 power
purchase agreement price offers spanning 21 countries in
North America and Europe. It also includes the LevelTen Asset
Marketplace, which brings together over 470 renewable energy
project developers and owners, and delivers the online tools and
expertise they need to buy, sell and finance assets quickly.
Together, LevelTen and its partners share #OneGoal to accelerate
the energy transition. Visit LevelTenEnergy.com to learn more.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by such terms as "believes,"
"expects," "anticipates," "intends," "estimates," the negative of
these terms, or other comparable terminology. Factors that could
cause actual results to differ include general business, regulatory
and economic conditions and the state of the solar and battery
storage market and industry; geopolitical tensions and conflicts,
including impasses, sanctions and export controls; volatility,
uncertainty, delays and disruptions related to the COVID-19
pandemic; supply chain disruptions; governmental support for the
deployment of solar power; future available supplies of high-purity
silicon; demand for end-use products by consumers and inventory
levels of such products in the supply chain; changes in demand from
significant customers; changes in demand from major markets such as
Japan, the U.S., China, Brazil
and India; changes in effective
tax rates; changes in customer order patterns; changes in product
mix; changes in corporate responsibility, especially environmental,
social and governance ("ESG") requirements; capacity utilization;
level of competition; pricing pressure and declines in or failure
to timely adjust average selling prices; delays in new product
introduction; delays in utility-scale project approval process;
delays in utility-scale project construction; delays in the
completion of project sales; continued success in technological
innovations and delivery of products with the features that
customers demand; shortage in supply of materials or capacity
requirements; availability of financing; exchange and inflation
rate fluctuations; uncertainties related to the CSI Solar carve-out
listing; litigation and other risks as described in the Company's
filings with the Securities and Exchange Commission, including its
annual report on Form 20-F filed on April
28, 2022. Although the Company believes that the
expectations reflected in the forward-looking statements are
reasonable, it cannot guarantee future results, level of activity,
performance, or achievements. Investors should not place undue
reliance on these forward-looking statements. All information
provided in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no duty to update
such information, except as required under applicable law.
Canadian Solar Inc. Investor Relations
Contacts
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
Tel: +1-914-337-8801
csiq@globalirpartners.com
Recurrent Energy Media Inquiries
Ally Copple
Innovant Public Relations
713-201-8800 (direct)
Ally@InnovantPR.com
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SOURCE Canadian Solar Inc.