Canadian Solar announced via a press release on April 7 that its subsidiary Recurrent Energy will sell two PV-plus-storage projects in California to project developer Matrix Renewables. Headquartered in Madrid, Matrix Renewables is backed by The Rise Fund of the US-based investment firm TPG.
The two projects, which are named Gaskell West 2 and 3, have a total generation capacity of 105MWac and a total storage capacity of 80MWh. They are located in California’s Kern County and already have five PPA arranged with local municipal governments and utilities. They are still in development at this moment but scheduled to enter commercial operation later this year. Once up and running, the two projects together will supply power to around 16,800 homes and offset around 178,500 metric tons of carbon emissions per year.
This transaction is the first between Recurrent Energy and Matrix Renewables. CSI Solar, a majority-owned subsidiary of Canadian Solar, will continue to contribute to the development of the two projects by supplying the turnkey energy storage solution that is based on the LFP battery technology.