Canadian Solar: Recurrent Energy Sells 80% Stake In 350 MW / 1400 MWh Crimson Storage Project

(RTTNews) - Canadian Solar Inc. (CSIQ) said its unit, Recurrent Energy, sold an 80% stake in its 350 MW / 1400 MWh Crimson storage project to Axium Infrastructure. The Crimson storage project is Canadian Solar's first stand-alone storage project. It holds two energy storage contracts with local utilities.

Shawn Qu, CEO of Canadian Solar, said: "Through the Crimson storage project, we are collaborating with our partner Axium to help improve California's grid reliability and safety by providing critically-needed resource adequacy capacity to meet electricity demand in all scenarios. Once it reaches commercial operation, Crimson will be one of the largest battery energy storage projects in the world."