Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and PV cells and modules, announced its wholly-owned Recurrent Energy, and Matrix Renewables, a global renewable energy company, announced that Matrix Renewables signed an agreement where it will acquire the Gasket West 2 and 3 projects of 105 MWac solar plus 80 MWh energy storage.
The solar plus storage projects are located in Kern County, California, and are fully contracted to hold five long-term power purchase agreements with cities and utilities in California. The solar plus storage project is expected to reach commercial operation in late 2022.
The project will generate clean electricity to power approximately 16,800 California homes and displace approximately 178,500 metric tons of carbon emissions. This hybrid project is the first transaction between Matrix Renewables and Recurrent.
Canadian Solar’s majority-owned subsidiary CSI Solar will support the project by providing the battery storage solution for the 80 MWh storage part of the project. The integrated technology solution includes the supply, installation, and commission of a lithium iron phosphate-based battery system. In addition, CSI Solar will support the battery storage system with capacity and performance guarantees, ensuring system output, safety, and reliability.
According to Mercom’s Q4 2021 solar funding and M&A report, over 68 GW of solar projects were acquired in 2021, compared to 39.5 GW in 2020, a 74% increase. In January 2022, Canadian Solar announced that Recurrent Energy had completed a purchase and sale agreement with Appalachian Power for Recurrent’s Firefly Energy solar project located in Pittsylvania County, Virginia. With a capacity of 150 MW, the project will be Appalachian Power’s largest solar energy acquisition to date. It will help the utility meet its clean energy requirements under the Virginia Clean Economy Act (VCEA).