Recurrent Energy sells majority stake in 350-MW storage reliability project

US renewables developer Recurrent Energy LLC, owned by Canadian Solar Inc (NASDAQ:CSIQ), has completed the sale of an 80% stake in the 350-MW/1,400-MWh Crimson energy storage project in the California desert to Axium Infrastructure.

The project in question will be built in Riverside County and holds two energy storage contracts with local utilities.

More specifically, its first phase of 200 MW/800 MWh has a contract with a term of 14 years and 10 months with Southern California Edison (SCE), while Phase II has a 15-year contract for resource adequacy only tied to 150 MW/600 MWh with Pacific Gas and Electric (PG&E). Both are part of reliability procurements directed by the California Public Utilities Commission (CPUC).

Construction work is seen to start in the third quarter of the year and is planned to be completed by next summer. Canadian Solar's majority-owned unit CSI Solar will provide both engineering, procurement and construction (EPC) and long-term operational services.

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