GUELPH,
ON, Jan. 8, 2024 /PRNewswire/ -- Canadian
Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ:
CSIQ) today announced that e-STORAGE, which is part of the
Company's majority-owned subsidiary CSI Solar Co.,
Ltd. ("CSI Solar"), will deliver 220 MWh DC of energy storage
solutions to a standalone energy storage project owned by Epic
Energy in Mannum, South Australia.
The Mannum project is being developed by Canadian Solar through its
wholly-owned subsidiary Recurrent Energy. e-STORAGE will begin
construction on the Mannum project in the second quarter of
2024.
Epic Energy is one of Australia's leading energy infrastructure
companies, with a gas pipeline network spanning over 1,200
kilometres and an expanding renewable energy portfolio. The
Mannum storage project reflects Epic Energy's commitment to
renewable energy generation and complements the existing 46 MWp of
solar farm capacity at the same location, serving as a vital energy
reservoir to enhance grid stability in the region.
e-STORAGE will deliver on a comprehensive Engineering,
Procurement, and Construction (EPC) agreement and Long-Term Service
Agreement ("LTSA"). The Mannum project will employ SolBank, a
proprietary energy storage solution using robust and high-cycle
capacity lithium-iron-phosphate (LFP) cells. By integrating a
top-tier active balancing Battery Management System (BMS) and an
exceptionally efficient Thermal Management System (TMS),
e-STORAGE's SolBank ensures superior performance at the highest
levels of safety.
Clive D'Cruz, Chief Executive
Officer of Epic Energy, said, "The standalone battery storage
system rounds out Epic Energy's investment at the current Mannum
site, with the battery to sit alongside Epic Energy's two adjacent
solar farms, which harness the region's consistent sunlight. The
battery will further support the South Australian electricity
market and ongoing energy security by absorbing excess energy
during the day and storing it for use during the evening peak."
Colin Parkin, President of
e-STORAGE, commented, "We are delighted to collaborate
with Epic Energy and Recurrent as they expand their renewable
energy portfolio in Australia by
providing our energy storage technology platform. The Mannum
project will support Australia
with the efficient development of its energy network, further
facilitating the adoption of renewable energy generation."
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 over 110 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 around 9.3 GWp of solar
power projects and over 3 GWh of battery storage projects across
the world. Currently, the Company has around 850 MWp of solar
projects in operation, nearly 7.8 GWp of projects under
construction or in backlog (late-stage), and an additional 18.7 GWp
of projects in advanced and early-stage pipeline. In addition,
the Company has a total battery storage project development
pipeline of approximately 55 GWh, including approximately 5 GWh
under construction or in backlog, and an additional 50 GWh at
advanced and early-stage development. 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
e-STORAGE is a subsidiary of Canadian Solar and a leading
company specializing in the design, manufacturing, and integration
of battery energy storage systems for utility-scale applications.
The Company offers its own proprietary LFP battery solution,
comprehensive EPC services, and innovative solutions aimed at
improving grid operations, integrating clean energy, and
contributing to a sustainable future. e-STORAGE had US$2.6 billion of contracted backlog including
contracted long-term services agreements as of November 14, 2023. To date, e-STORAGE has
successfully implemented over 3.3 GWh DC of battery energy storage
solutions in various locations, including the United States, Canada, the United
Kingdom, and China. This
significant accomplishment solidifies e-STORAGE's position as a key
player in the global energy storage integration industry.
Currently, the Company operates two fully automated,
state-of-the-art manufacturing facilities with an annual production
capacity of 10 GWh. e-STORAGE is fully equipped to continue
providing high-quality, scalable energy storage solutions and
contribute to the widespread adoption of clean energy. Please refer
to the Media&PR section of the e-STORAGE website for images and
additional information about e-STORAGE, follow the
LinkedIn page or visit www.csestorage.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
e-STORAGE MEDIA INQUIRIES
Simona Marginean
e-STORAGE Marketing Manager
simona.marginean@csestorage.com
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SOURCE Canadian Solar Inc.