GUELPH,
ON, Nov. 27, 2023 /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"), has been selected as the preferred
supplier for Engineering, Procurement, and Construction ("EPC") and
Operations and Maintenance ("O&M") by Copenhagen Infrastructure
Partners (CIP) to deliver its Summerfield battery storage project
in South Australia.
The Summerfield battery storage project is a 2-hour 240 MW (480
MWh) DC energy storage solution. The project is currently sized at
a 2-hour storage duration but is expandable depending on market
needs. Summerfield is the first of multiple large-scale battery
projects spearheaded by CIP in Australia. The project is scheduled for
installation in 2025 and will incorporate e-STORAGE's SolBank
battery technology.
The Summerfield Battery is strategically situated in the
Murraylands region to the east of Adelaide in South
Australia. The battery supports Australia's energy operator's roadmap for the
efficient development of the network and facilitates the
integration of new renewable generation sources.
Using e-STORAGE's proprietary SolBank's cutting-edge battery
technology, the Summerfield Battery will serve as a critical
reservoir of energy, enhancing grid stability in the region. The
battery system will accumulate surplus energy during periods of low
demand and distribute power back to the grid during peak
consumption phases. This functionality is essential for ensuring a
consistent, cost-effective supply of electricity to South Australia, Victoria, and the broader national energy
grid.
Partner and Head of CIP Australia Jørn Hammer said:
"We are pleased to work with Canadian Solar to deliver a new
large-scale battery in South
Australia. The Summerfield Battery will help to ensure
continued energy reliability and unlock new renewable
capacity."
Colin Parkin, President of
e-STORAGE, commented: "We are deeply honored to collaborate
with Copenhagen Infrastructure Partners Flagship Fund as they
endeavor to expand battery storage solutions in Australia. Together, we understand the pivotal
role that battery storage systems play in achieving a sustainable
future and we are engaged in making a difference in the renewable
industry."
e-STORAGE will deliver its proprietary SolBank battery energy
storage systems and provide full integration, commissioning, and
long-term operational services for the project. SolBank is a
self-manufactured battery designed for utility-scale applications.
It is based on lithium-iron-phosphate (LFP) chemistry and
engineered with a strong focus on safety and efficiency. The
battery incorporates LFP cells, efficient liquid cooling systems,
and multi-level fire safety management systems. It also includes
state-of-the-art monitoring and control systems. Additionally, the
active cell balancing system ensures safe operation and optimized
system efficiency and overall performance.
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP)
today is the world's largest dedicated fund manager within
greenfield renewable energy investments and a global leader in
offshore wind. The funds managed by CIP focus on investments in
offshore and onshore wind, solar PV, biomass and energy-from-waste,
transmission and distribution, reserve capacity, storage, advanced
bioenergy, and renewable hydrogen. CIP manages 11 funds and has to
date raised approximately EUR 25
billion for investments in energy and associated
infrastructure from more than 150 international institutional
investors. CIP has approximately 400 employees and 12 offices
around the world. For more information, visit www.cip.com
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 power
projects in operation, 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. 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
brings the total installed capacity and contracted projects to 12.4
GWh DC. 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. For
additional information about e-STORAGE, please 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
David Pasquale
Global IR Partners
914-337-8801
csiq@globalirpartners.com
e-STORAGE MEDIA INQUIRIES
Simona Marginean
e-STORAGE Marketing Manager
simona.marginean@csestorage.com
View original
content:https://www.prnewswire.com/news-releases/canadian-solars-e-storage-to-deliver-480-mwh-dc-of-battery-storage-solutions-to-the-summerfield-project-in-australia-301997817.html
SOURCE Canadian Solar Inc.