Goldman Sachs unit buys 300-MW solar project with storage in California

Image by Recurrent Energy (recurrentenergy.com)

January 13 (Renewables Now) - Goldman Sachs Renewable Power LLC (GSRP) has acquired a 300-MW solar project with a 140.25-MW/561-MWh energy storage component in California from developer Recurrent Energy.

The Slate project is currently being built on a 2,400-acre (971.2 ha) site in Kings County and is expected to reach commercial operation in late 2021. It is supported by a tax equity commitment from PNC Bank and has power purchase agreements (PPAs) in place with five different off-takers, whose names were not given.

"As solar-plus-storage installations in the US are expected to nearly triple in 2020 and more than double in 2021, we are pleased to continue to offer flexible and reliable clean energy and grid reliability solutions for our customers and the communities they serve,” stated Shawn Qu, chairman and CEO of Canadian Solar Inc (NASDAQ:CSIQ), which owns Recurrent Energy.

Another unit of Canadian Solar, System Solutions and Energy Storage (SSES), will deliver the battery storage integration solution for the project.

Upon completion, the plant will produce enough electricity to meet the annual power demand of about 126,000 local households. It will feature some 962,000 bifacial BiKu modules.

The buyer of Slate is a privately held firm managed by the Renewable Power Group of Goldman Sachs Asset Management (GSAM). It has sponsored over 800 solar projects across 27 US states with a combined capacity surpassing 2.3 GW.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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