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Transactions - SEPTEMBER 17, 2021

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Recurrent Energy and Axium Infrastructure complete storage deal in Canada

by Kali Persall

Recurrent Energy, the wholly owned subsidiary of Canadian Solar, has sold a 80 percent stake in its 350-megawatt Crimson storage project to Axium Infrastructure.

The Crimson storage project is Canadian Solar's first stand-alone storage project and the largest developed to date. Canadian Solar's CSI Solar subsidiary will provide both EPC and long-term operational services for the storage project.

The project has two energy storage contracts with local utilities. Phase one is for 200 megawatts and a nearly 15-month contract with Southern California Edison; phase two is for 150 megawatts and has a 15-year contract with PG&E for resource adequacy only. Recurrent and Axium will operate the battery system in the wholesale California wholesale power market.

“Global efforts towards a clean energy transition are generating a surge in demand for battery storage capacity to support more reliable power grids,” said Shawn Qu, chairman and CEO of Canadian Solar. “Th

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