Canadian Solar Inc., a global solar technology company, said wholly owned subsidiary Recurrent Energy has completed the sale of the Slate project to Goldman Sachs Renewable Power LLC (GSRP). Proceeds from the transaction are recognized in the first quarter and commercial operations are expected in late 2021.
The Slate Project is a 300 MW AC solar plus 140.25 MW / 561 MWh storage project in Kings County, California and construction has begun. The majority energy storage subsidiary of Canadian Solar, System Solutions and Energy Storage (SSES), will provide the battery storage integration solution for the project. In addition, PNC Bank has committed itself to equity for the project for tax purposes. This shows that it is committed not only to managing its own operations in a green way, but also to helping clients with innovative financing options as the world transition to a low-carbon economy.
The project has signed PPAs with five different customers, four of which are solar + storage and one is solar only.
“The Slate project is Recurrent Energy's largest Solar + storage project and represents an ongoing investment in a community where we have been doing business for nearly a decade,” said Dr. Shawn Qu, Canadian Solar Chairman and CEO. “In view of the enormous market opportunities arising from stand-alone and solar battery storage, we have concentrated considerable resources on developing our own technology, service and financing solutions in recent years.”
The Slate Project will utilize approximately 962,000 of Canadian Solar's high efficiency BiKu bifacial modules on approximately 2,400 acres in Kings County. The project is expected to employ 405 workers at peak hours, with at least 50% of those construction jobs expected to be filled by local artisans from the Kings County area. In addition to indirect economic benefits associated with the development of solar projects, such as For example, higher local spending in the service and construction industries, the Slate project will also have a positive economic impact on the local community by generating significant tax revenues for the county.