Canadian Solar Subsidiary Recurrent Energy Completes Sale and Breaks Ground on the Slate Project

  • Expected to Be One of the Largest PV + Battery Storage Projects in the U.S.

Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) today announced that its wholly-owned subsidiary, Recurrent Energy, completed the sale of the Slate project to Goldman Sachs Renewable Power LLC ("GSRP"). Revenue from the transaction will be recognized in Q1 2021 and commercial operation is anticipated in late 2021.

The Slate project is a 300 MWac solar plus 140.25 MW / 561 MWh storage project located in Kings County, California, 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 and energy storage, and one that is solar-only.

Source: Canadian Solar
Date: Jan 13, 2021