Solar PV and battery energy storage system (BESS) firm Canadian Solar has secured battery supply agreements and long-term service agreements through its subsidiary e-Storage for two US BESS projects developed by Aypa Power, in the ERCOT and California markets.
The agreements cover the supply and commissioning of a 160MW/806MWh BESS in California and a 200MW/998MWh BESS in Texas, where ERCOT runs the majority of the grid.
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The projects will deploy approximately 370 of its SolBank 3.0 BESS containers. The containerised energy storage system features lithium iron phosphate (LFP) cells, e-Storage’s battery management system software and a modular design.
Construction is expected to commence in Q3 2025. Following commissioning, e-Storage will oversee system maintenance and operations under a 20-year long-term service agreement.
Our colleagues at PV Tech reported on Canadian Solar’s Q3 2024 financial results. The company posted net losses of US$14 million, revenues of US$1.5 billion and gross profits of US$247 million.
Additionally, CSI Solar, the company’s manufacturing subsidiary, recorded net income of US$110 million in Q3, an increase from Q2 but less than half of the figure it posted in Q3 2023. This included the operations of e-Storage. CSI said e-Storage had a backlog of US$3.2 billion as of 30th November 2024 and 20GWh of annual manufacturing capacity.
Aypa Power, previously NRStor C&I, before being acquired by Blackstone Energy Partners in 2020, when the company was renamed, previously focused on the commercial & industrial (C&I) market.
Since its acquisition, the company has focused on utility-scale energy storage deployment and hybrid renewable energy projects, making a series of high-profile deals in the years since.
Recently, the company announced the close of a US$190 million financing package for its 200MW/400MWh Bypass BESS project in Texas, US.
In December 2024, Energy-Storage.news reported on investor-owned utility (IOU) Southern California Edison (SCE) seeking regulatory approval of resource adequacy (RA) contracts, the largest of which covers Aypa Power’s 400MW/3,200MWh Euismod lithium-ion BESS (Premium access article).
Currently, Aypa Power says it has more than 22GW of energy storage projects in development across North America.
Colin Parkin, president of e-Storage said of the announced agreements:
“We are proud to support Aypa Power in delivering utility-scale energy storage projects that will play a pivotal role in enhancing grid flexibility and reliability. Our SolBank technology is designed to provide safe, high-performance energy storage solutions that meet the growing demands of the market. These projects highlight the increasing role of battery storage in stabilising renewable energy supply, and we remain committed to driving innovation and delivering high-quality solutions that support a cleaner, more sustainable energy future.”
GridStor receives US$74 million financing for 220MW/440MWh Texas BESS
Also in Texas, developer-operator GridStor has secured a US$74 million financing lead by First Citizens Bank for the 220MW/440MWh Hidden Lakes Reliability BESS in Galveston County.
GridStor says that the BESS project will provide approximately 100 full-time jobs during construction. The company will construct a public road so that construction vehicles can access the site, and GridStor said this will be done at no cost to Galveston County residents.
The developer-operator was founded in 2022, with backing from Goldman Sachs through Horizon Energy Storage, Goldman Sachs’ sustainable and infrastructure investing groups. In the asset management company’s 2022 sustainability report, it explains that investment in GridStor was to help with issues of power supply intermittency, which can be detrimental to scaling renewable energy projects.
GridStor began construction on its first project, the 60MW/160MWh BESS in Goleta, California, located in the county of Santa Barbara in June 2023. It is the largest BESS project in Santa Barbara County.
First Citizens Bank has provided financing for many energy storage projects, including a US$150 million financing for two Texas BESS with Apex Clean Energy, a US$65 million equipment financing supporting the purchase of up to 100MW/400MWh of batteries for use in 20 battery storage projects across New York City, New York, US with NineDot and a US$100 million bridge loan for the Hale Kuawehi BESS from Innergex Renewable Energy.
Mike Lorusso, head of First Citizens’ Energy Finance said of the financing: “At First Citizens, we are dedicated to backing innovative energy initiatives that strengthen grid dependability and foster a more sustainable energy future.”
“We are excited to work with GridStor on this project, which reflects our commitment to financing essential energy infrastructure that addresses evolving market needs.”
