GUELPH,
ON, Aug. 17, 2023 /PRNewswire/ -- Canadian
Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ:
CSIQ) today announced that e-STORAGE, which is part of its
majority-owned subsidiary CSI Solar Co., Ltd. ("CSI
Solar"), will deliver 1,200 MWh (1,519 MWh DC nominal) of energy
storage solutions to Recurrent Energy's Papago Storage project in
Arizona. Recurrent Energy, a
wholly-owned subsidiary of Canadian Solar, is expected to
begin construction on Papago Storage in the third quarter of
2024.
Once operational, Papago Storage will be one of the world's
largest standalone energy storage projects and the largest
standalone energy storage project in Arizona. Papago Storage will utilize
e-STORAGE's SolBank, a proprietary battery energy storage
solution designed and manufactured for utility-scale
applications. e-STORAGE will supply and commission the entire
Battery Energy Storage System by integrating the SolBank with
battery inverters and controls. e-STORAGE will also offer
operations and maintenance services and comprehensive performance
guarantees under a 20-year long-term service agreement to the
project.
e-STORAGE currently operates two fully automated,
state-of-the-art, and industry-leading manufacturing facilities
with an annual capacity of 10 GWh for 2023. As of July 2023, the Company has deployed more than 2.7
GWh of battery energy storage solutions across the United States, Canada, the United
Kingdom, and China. The
e-STORAGE team is fully equipped to continue providing
high-quality, scalable energy storage solutions and contribute to
the widespread adoption of clean energy.
Yan Zhuang, President of
Canadian Solar's subsidiary CSI Solar, commented, "We
are excited to provide battery storage solutions to one of the most
significant energy storage projects globally. The SolBank, our
proprietary battery storage product, offers best-in-market product
safety and cost competitiveness, and this agreement demonstrates
our ability to provide battery energy storage solutions at scale
and on a timeline that our customers require. Working with our
partners at Recurrent Energy, we are pleased to expand into a new
and growing market for energy storage and provide the much-needed
flexible energy capacity to support a greener future for all."
The contract is subject to final approval from the CSI Solar
board of directors and shareholders.
About Canadian Solar
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery storage solutions, and developer of
utility-scale solar power and battery storage projects with a
geographically diversified pipeline in various stages of
development. Over the past 22 years, Canadian Solar has
successfully delivered around 94 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise,
since entering the project development business in 2010, Canadian
Solar has developed, built, and connected over 8.8 GWp in over
20 countries across the world. Currently, the Company has
approximately 609 MWp of projects in operation, 6.9 GWp of projects
under construction or in backlog (late-stage), and an additional
17.7 GWp of projects in advanced and early-stage pipeline.
Canadian Solar is one of the most bankable companies in the solar
and renewable energy industry, having been publicly listed on the
NASDAQ since 2006. For additional information about the
Company, follow Canadian Solar on LinkedIn or
visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of
the U.S. Private Securities Litigation Reform Act of
1995. In some cases, you can identify forward-looking statements by
such terms as "believes," "expects," "anticipates," "intends,"
"estimates," the negative of these terms, or other comparable
terminology. Factors that could cause actual results to differ
include general business, regulatory and economic conditions and
the state of the solar and battery storage market and industry;
geopolitical tensions and conflicts, including impasses, sanctions
and export controls; volatility, uncertainty, delays and
disruptions related to the COVID-19 pandemic; supply chain
disruptions; governmental support for the deployment of solar
power; future available supplies of high-purity silicon; demand for
end-use products by consumers and inventory levels of such products
in the supply chain; changes in demand from significant customers;
changes in demand from major markets, such as Japan,
the U.S., China, Brazil and Europe;
changes in effective tax rates; changes in customer order patterns;
changes in product mix; changes in corporate responsibility,
especially environmental, social and governance ("ESG")
requirements; capacity utilization; level of competition; pricing
pressure and declines in or failure to timely adjust average
selling prices; delays in new product introduction; delays in
utility-scale project approval process; delays in utility-scale
project construction; delays in the completion of project sales;
continued success in technological innovations and delivery of
products with the features that customers demand; shortage in
supply of materials or capacity requirements; availability of
financing; exchange and inflation rate fluctuations; uncertainties
related to the CSI Solar carve-out listing; litigation
and other risks as described in the Company's filings with
the Securities and Exchange Commission, including its annual
report on Form 20-F filed on April 18, 2023. Although the
Company believes that the expectations reflected in the
forward-looking statements are reasonable, it cannot guarantee
future results, level of activity, performance, or achievements.
Investors should not place undue reliance on these forward-looking
statements. All information provided in this press release is as of
today's date, unless otherwise stated, and Canadian
Solar undertakes no duty to update such information, except as
required under applicable law.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACTS
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
914-337-8801
csiq@globalirpartners.com
e-STORAGE MEDIA INQUIRIES
Ally Copple
Innovant Public Relations
713-201-8800
Ally@InnovantPR.com
View original
content:https://www.prnewswire.com/news-releases/canadian-solars-e-storage-to-deliver-1-200-mwh-of-energy-storage-products-to-the-largest-energy-storage-project-in-arizona-301903419.html
SOURCE Canadian Solar Inc.