Recurrent Energy LLC, an entirely owned subsidiary of Canadian Solar Inc., has acquired two standalone vitality storage tasks from Black Mountain Energy Storage (BMES). The tasks, that are within the South Load Zone of the Texas ERCOT market, are every anticipated to retailer as much as 200 MWh of vitality. Each tasks are presently in improvement and are anticipated to succeed in discover to proceed in 2023 and start operation within the second quarter of 2024.
Recurrent has developed 2.9 GWh of vitality storage tasks which are in building or operation and has a further pipeline of 15.5 GWh of tasks beneath early to mid-stage improvement. The 2 standalone vitality storage tasks added to Recurrent’s improvement pipeline shall be operated as service provider tasks within the ERCOT market, offering dispatchable and dependable energy to the grid. Recurrent will proceed to develop the tasks, finalize entitlements and designs, choose and procure gear, elevate venture financing, and assemble the amenities.
“ERCOT is among the quickest rising markets on the earth for vitality storage, pushed by market demand for versatile capability,” says Dr. Shawn Qu, chairman and CEO of Canadian Photo voltaic. “We’re happy to speed up our ERCOT storage pipeline with the acquisition of two tasks totaling 400 MWh of storage from Black Mountain Vitality Storage. We look ahead to bringing our storage improvement, financing and building expertise to bear as we convey these tasks to fruition and enhance grid reliability for Texans.”
“It’s bittersweet to see these tasks depart the nest, however I need to say Recurrent picked them properly,” states Witt Duncan, director of company improvement at BMES. “We should see pronounced volatility at these nodes for years to return, and these batteries won’t solely seize vital worth however present resiliency in a sparse area of ERCOT’s transmission community. Figuring out challenged areas of the transmission community that produce outsized alternatives for unfold seize is BMES’ core focus, and we have now 3 GW of optimally sited ERCOT BESS tasks within the hopper behind these two. We’re excited to see Recurrent Vitality take every of those tasks into the following section of improvement and recognize the experience the oldsters at LevelTen Vitality delivered to the desk to facilitate an environment friendly transaction course of.
The transactions had been executed by the LevelTen Asset Marketplace, a platform that connects clear vitality venture builders and financiers, and supplies the software program, analytics and M&A transaction experience they should execute transactions shortly.
“The LevelTen Asset Market supplies a centralized platform for renewable vitality venture gross sales, and delivers the instruments patrons and sellers have to transact shortly,” feedback Patrick Worrall, vp of Asset Market at LevelTen Vitality. “We’re completely satisfied that our platform enabled the deal between Recurrent and Black Mountain Vitality Storage, each of whom are doing pioneering work to speed up storage and clear vitality improvement.”