Recurrent Energy snaps up 400 MWh of storage projects in ERCOT market

Recurrent Energy LLC, owned by Canadian Solar Inc (NASDAQ:CSIQ), has acquired a portfolio of 400 MWh of battery energy storage projects that are planned to begin operations in 2024.

The specific portfolio consists of two standalone projects of up to 200 MWh each located in the South Load Zone of the Texas ERCOT market. The vendor is Black Mountain Energy Storage (BMES), Canadian Solar said on Thursday without disclosing the value of the purchase.

At present, both schemes are under development and are expected to reach the notice to proceed (NTP) stage in 2023. Planned to be put on stream in the second quarter of 2024, they will be operated as merchant facilities that will provide dispatchable power to the grid.

Following the acquisition, taking place through the LevelTen Asset Marketplace platform, Recurrent will proceed with the development of the two schemes and work to finalise the design layouts, procure equipment and raise funding for the projects.

Canadian Solar noted that Recurrent Energy has developed 2.9 GWh of energy storage projects that are either in construction or already in operation, while its pipeline includes 15.5 GWh of additional projects under early to mid-stage development.

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