Recurrent Energy LLC, a completely owned subsidiary of Canadian Solar Inc., has acquired two standalone energy 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 energy. Both tasks are presently in growth 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 energy storage tasks which might be in building or operation and has a further pipeline of 15.5 GWh of tasks underneath early to mid-stage growth. The two standalone energy storage tasks added to Recurrent’s growth pipeline shall be operated as service provider tasks within the ERCOT market, offering dispatchable and dependable power to the grid. Recurrent will proceed to develop the tasks, finalize entitlements and designs, choose and procure tools, increase venture financing, and assemble the services.
“ERCOT is one of the fastest growing markets in the world for energy storage, driven by market demand for flexible capacity,” says Dr. Shawn Qu, chairman and CEO of Canadian Solar. “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.”
“It’s bittersweet to see these projects leave the nest, but I must say Recurrent picked them well,” states Witt Duncan, director of company growth 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. Identifying challenged areas of the transmission community that produce outsized alternatives for unfold seize is BMES’ core focus, and now we have 3 GW of optimally sited ERCOT BESS tasks within the hopper behind these two. We’re excited to see Recurrent Energy take every of those tasks into the following section of growth and recognize the experience the oldsters at LevelTen Energy delivered to the desk to facilitate an environment friendly transaction course of.
The transactions have been executed by the LevelTen Asset Marketplace, a platform that connects clear energy venture builders and financiers, and offers the software program, analytics and M&A transaction experience they should execute transactions rapidly.
“The LevelTen Asset Marketplace provides a centralized platform for renewable energy project sales, and delivers the tools buyers and sellers need to transact quickly,” feedback Patrick Worrall, vice chairman of Asset Marketplace at LevelTen Energy. “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.”