Canadian Solar Inc. has signed long-term Operations & Maintenance (O&M) agreements with two solar PV plus battery storage projects in the U.S., namely, the Slate and Mustang projects which were both developed by Canadian Solar's subsidiary Recurrent Energy and are currently owned by Goldman Sachs Asset Management Renewable Power (Goldman Sachs).
The agreements cover the full Slate Project, which is a 300 MWac solar plant designed with a 140 MW / 561 MWh battery energy storage system; and the storage component of the Mustang Project, which is a 100 MWac solar plant retrofitted with a 75 MW / 300 MWh battery storage system. Both projects are located in Kings County, California. Under the long-term agreements, Canadian Solar will be responsible for various O&M obligations across both projects, including plant monitoring, NERC registration, performance management and preventative and corrective maintenance. Canadian Solar services will help to increase site availability, minimize downtime and maximize the value of the projects.
These contracts further solidify Canadian Solar's position as a leading solar and energy storage O&M provider. The Company now boasts with a global O&M portfolio of nearly 4 GWp of solar and 860 MWh of storage projects under contract across nine countries, of which 2.3 GWp of solar projects are currently in operation. These projects include both Canadian Solar as well as third-party developed projects. The Company expects to meaningfully scale its O&M business, targeting to reach 11 GWp of operational solar projects by 2025, expanding its share of stable income.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar said, "As we expand our market leadership position from solar energy into battery storage project development and systems integration, offering operations and maintenance services in battery storage is a natural extension of Canadian Solar's value proposition. We will continue to add value to our customers by providing the best quality service, maximize production of clean renewable energy and enhance the value of solar and battery storage assets through our O&M services. We are delighted to be selected by Goldman Sachs to provide O&M services to both the Mustang and Slate solar and storage projects and look forward to the long-term partnership."