Solar developer Recurrent Energy, a subsidiary of Canadian Solar, has announced the signing of an aggregated virtual power purchase agreement (PPA) for its upcoming 100MW solar PV project in Liberty County, Texas. The project is expected to commence operations in 2024 and has successfully secured capacity commitments from multiple offtakers.
EMD Electronics, an electronics company, will be the anchor buyer of the project, having purchased 40MW of capacity. In addition, biotech company Biogen, e-commerce firm Wayfair, software designer Autodesk, and an undisclosed healthcare company have each committed to purchasing 15MW of capacity.
See also: US Solar Industry Faces Worsening Supply Chain Issues in 2022, Expects Expansion in 2023 Due to IRA
The location of the project is in the Midcontinent Independent System Operator (MISO) region, which currently has a relatively low percentage of solar PV in its overall energy mix compared to the rest of Texas. The majority of Texas is operated by a separate ISO called ERCOT.
MISO has recently approved a portfolio of 18 transmission projects worth US$10.3 billion, which are expected to support the integration of 53GW of new renewable energy resources in the future.
However, MISO has faced a complaint from the Solar Energy Industries Association (SEIA), represented by the non-profit environmental law organization Earthjustice. The complaint is related to MISO's rules that restrict renewables from offering ancillary services within its jurisdiction.
See also: Brookfield Commits $1 Billion Investment in India's Renewable Energy Sector with Avaada Ventures
Shawn Qu, Chairman and CEO of Canadian Solar, expressed his enthusiasm for the agreement, stating, “This agreement will serve as a model for corporate procurement, enabling a greater number of companies with strong credit ratings to participate in renewable energy projects.”
Recently, Canadian Solar consolidated its global development and services business under the Recurrent Energy brand, significantly expanding the developer's portfolio to nearly 9GW of solar PV and 3GWh of battery storage.
