Canadian Solar Closes Supply Contract with Goldman Sachs Renewable Power


Canadian Solar Inc., a manufacturer of solar photovoltaic modules and provider of solar+storage solutions, has closed a supply contract and long-term service agreement with Goldman Sachs Renewable Power LLC, part of the Renewable Power Group of Goldman Sachs Asset Management, to deliver and integrate a 75 MW/300 MWh lithium-ion battery storage solution into the 100 MW AC Mustang solar plant in California.

The 75 MW or 4-hour 300 MWh energy storage system is a retrofit addition to the Mustang solar plant in King’s County, Calif., which was originally developed by Canadian Solar’s wholly owned subsidiary Recurrent Energy LLC. The solar plant was connected to the grid in August 2016 and the project’s equity stake was later sold to Goldman Sachs in May 2019. 

“We are pleased to start supplying this large-scale solar+storage project which will be fully developed by Canadian Solar with our own proprietary technological capabilities,” says Dr. Shawn Qu, chairman and CEO of Canadian Solar. “The adoption and integration of energy storage will improve the utilization of solar energy and meaningfully enlarge our global addressable market. We are excited to partner again with Goldman Sachs to deliver clean, cost-effective and end-to-end solar+storage solutions to our customers and local communities.”

Canadian Solar will provide the complete integrated solution, including a lithium iron phosphate-based technology package, and all future operations, maintenance and battery augmentation services. In addition, the company will support the storage solution with fully wrapped capacity and performance guarantees, ensuring system output, reliability and safety. Construction of the energy storage component of the project will begin in early 2021 and is expected to be operational by the second half of the year.

By pairing solar PV with advanced battery technology, Canadian Solar helps its customers to generate and store solar power during the day for use in the evening. This approach allows California’s power grid to absorb and integrate higher levels of reliable, safe and affordable renewable energy while contributing to the state’s climate mitigation efforts.

Photo: The Mustang solar project

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