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Dominion Energy Receives Approval for Coastal Virginia Offshore Wind Project

LCG, August 10, 2022--The Virginia State Corporation Commission (SCC) approved Dominion Energy’s 2.6-GW Coastal Virginia Offshore Wind project, which will be located approximately 27 miles off the coast of Virginia Beach.

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New York Pursues 2,000 MW of Offshore Wind

LCG, July 28, 2022--The Governor of New York yesterday announced the release of New York's third competitive offshore wind solicitation that seeks at least 2,000 MW of additional renewable capacity. New York State currently has five offshore wind projects in active development that total over 4,300 MW of capacity, and the goal for the State is 9,000 MW by 2035. The additional capacity gained from the new solicitation will be a big step towards the 2035 goal.

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Industry News

Recurrent Energy Acquires 400 MWh of Standalone Energy Storage Projects in Texas

LCG, June 17, 2022--Recurrent Energy, LLC (“Recurrent”), a wholly owned subsidiary of Canadian Solar Inc. (“Canadian Solar”), yesterday announced the acquisition of two, standalone energy storage projects in the Texas ERCOT market from Black Mountain Energy Storage (BMES). Each project is expected to store as much as 200 MWh of energy. Both projects are currently in development, with plans to commence operations in the second quarter of 2024.

The chairman and CEO of Canadian Solar stated, “ERCOT is one of the fastest growing markets in the world for energy storage, driven by market demand for flexible capacity. We are pleased to accelerate our ERCOT storage pipeline with the acquisition of two projects totaling 400 MWh of storage from Black Mountain Energy Storage. We look forward to bringing our storage development, financing and construction experience to bear as we bring these projects to fruition and increase grid reliability for Texans.”

The two projects are located in the South Load Zone of the ERCOT market and will be operated as merchant projects that provide dispatchable power, which should improve grid reliability. Recurrent will continue to develop the projects, finalize entitlements and designs, select and procure equipment, raise project financing, and construct the facilities.

The Director of Corporate Development at BMES stated, “It's bittersweet to see these projects leave the nest, but I must say Recurrent picked them well. We ought to see pronounced volatility at these nodes for years to come, and these batteries will not only capture significant value but provide resiliency in a sparse region of ERCOT's transmission network. Identifying challenged areas of the transmission network that produce outsized opportunities for spread capture is BMES' core focus, and we have 3.0 GW of optimally sited ERCOT BESS projects in the hopper behind these two. We're excited to see Recurrent Energy take each of these projects into the next phase of development and appreciate the expertise the folks at LevelTen Energy brought to the table to facilitate an efficient transaction process.”
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