GUELPH, ON, Oct. 19, 2020 /PRNewswire/ -- Canadian Solar
Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ),
announced today that it has closed a supply contract and long term
service agreement with Goldman Sachs Renewable Power LLC, part of
the Renewable Power Group of Goldman Sachs Asset Management
("Goldman Sachs"), to deliver and integrate a 75 MW / 300 MWh
lithium-ion battery storage solution into the 100 MWac Mustang
solar plant in California.
The 75 MW or 4-hour 300 MWh energy storage system is a
retrofit addition to the Mustang solar plant in King's County,
California, which was originally
developed by Canadian Solar's wholly owned subsidiary Recurrent
Energy, LLC ("Recurrent Energy"). The solar plant was connected to
the grid in August 2016 and the
project's equity stake was later sold to Goldman Sachs in May
2019.
Canadian Solar will provide the complete integrated solution,
including a lithium iron phosphate-based technology package, and
all future operations, maintenance and battery augmentation
services. In addition, the Company will support the storage
solution with fully wrapped capacity and performance guarantees,
ensuring system output, reliability and safety. Construction of the
energy storage component of the project will begin in early 2021
and is expected to be operational by the second half of 2021.
By pairing solar PV with advanced battery technology, Canadian
Solar helps its customers to generate and store solar power during
the day for use in the evening. This approach allows California's power grid to absorb and
integrate higher levels of reliable, safe and affordable renewable
energy while contributing to the state's climate mitigation
efforts.
Dr. Shawn Qu, Chairman
and CEO of Canadian Solar, commented, "We are pleased to start
supplying this large-scale solar plus energy storage project which
will be fully developed by Canadian Solar with our own proprietary
technological capabilities. The adoption and integration of energy
storage will improve the utilization of solar energy and
meaningfully enlarge our global addressable market."
Dr. Qu added, "We are excited to partner again with Goldman
Sachs to deliver clean, cost effective and end-to-end solar energy
and storage solutions to our customers and local communities.
Despite the challenging market backdrop due to the pandemic, our
teams continue to develop innovative technology solutions and
execute our business plan. This is a landmark project, the first of
many more to come."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
power companies. It is a leading manufacturer of solar photovoltaic
modules and provider of solar energy and storage solutions and has
a geographically diversified pipeline of utility-scale solar power
projects in various stages of development. Over the past 19 years,
Canadian Solar has successfully delivered over 46 GW of
premium-quality, solar photovoltaic modules to customers in over
150 countries. Canadian Solar is one of the most bankable companies
in the solar industry, having been publicly listed on NASDAQ since
2006. For additional information about the Company, follow Canadian
Solar on LinkedIn or visit www.canadiansolar.com.
About Goldman Sachs Renewable Power LLC
Goldman Sachs Renewable Power LLC is a privately held company
managed the Renewable Power Group of Goldman Sachs Asset Management
(GSAM). GSRP is the sponsor of more than 800 solar projects across
27 U.S. states that collectively have a capacity of more than 1.8
gigawatts of clean, renewable power. GSAM's Renewable Power Group
is comprised of investment professionals with leading industry
expertise across transaction sourcing, financial analysis, power
markets and physical asset analysis and operations. The team takes
a long-term ownership approach to the operations and management of
renewable assets and benefits from Goldman Sachs' extensive network
of relationships, leading institutional infrastructure and in-house
industry knowledge and experience. The Renewable Power Group is
part of GSAM, one of the world's leading asset managers with
approximately $1.9 trillion in assets
under supervision globally as of June 30,
2020.
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 and
economic conditions and the state of the solar industry;
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., India and China; changes in customer order patterns;
changes in product mix; capacity utilization; level of competition;
pricing pressure and declines in 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; delays in the process of
qualifying to list the MSS subsidiary in the PRC; continued success
in technological innovations and delivery of products with the
features customers demand; shortage in supply of materials or
capacity requirements; availability of financing; exchange rate
fluctuations; litigation and other risks as described in the
Company's SEC filings, including its annual report on Form 20-F
filed on April 28, 2020. 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.
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SOURCE Canadian Solar Inc.