GUELPH,
ON, May 9, 2022 /PRNewswire/ -- Canadian Solar
Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today
announced it has entered the utility scale energy storage market in
the United Kingdom after signing
the agreements to provide integrated energy storage systems, and
Engineering, Procurement and Construction (EPC) services for four
battery storage projects. Pulse Clean Energy is the owner of the
four projects of more than 100 MWh. The agreements mark the start
of a long-term partnership between the companies.
In addition to providing the battery storage systems and
construction services, Canadian Solar will maintain and operate the
projects via a 10-year long-term service agreement (LTSA).
Canadian Solar's solutions will enable Pulse Clean Energy to
optimize ancillary grid-services, enhance energy balancing
capabilities, and capture multiple streams of revenue.
Dr. Shawn Qu, Canadian
Solar Chairman and CEO, commented, "We are grateful to be
selected by Pulse Clean Energy to construct its first battery
storage projects. Over the past 3 years, we have built a track
record of 2.5 GWh for energy storage in the United States. Now, customers in other
markets are turning to us. Such partnerships in implementing energy
storage strategies are instrumental to support the clean energy
transition."
Trevor Wills, COO of Pulse
Clean Energy, provided the following comment, "These
projects mark the start of our battery conversion program in the
UK. We previously acquired nine diesel generation sites, with a
vision to decommission and repurpose these locations as grid-scale
storage and energy optimisation assets." He added, "Battery storage
has a critical role to play in energy system stability, and we are
excited to be working with the team at Canadian Solar, which has a
strong track record in deploying grid-scale renewable and energy
storage technologies."
As of January 31, 2022, Canadian
Solar's energy storage portfolio includes 300 MWh of projects under
a long-term service agreement, 2,043 MWh of projects under
construction and a remaining pipeline of over 4 GWh. Canadian
Solar's Energy Storage Team continues to expand its regional
footprint, executing storage projects and deploying resources in
Canada, the United States, the United Kingdom, Australia, and China.
About Canadian Solar Inc.
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 20 years, Canadian Solar has
successfully delivered over 67 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 6.3 GWp in over
20 countries across the world. Currently, the Company has around
445 MWp of solar projects in operation, nearly 6 GWp of projects
under construction or in backlog (late-stage), and an additional
18.6 GWp of projects in pipeline (mid- to early- stage). 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.
About Pulse Clean Energy
Pulse Clean Energy is focused on investing in projects to
support the transition to a zero-carbon energy system, by
developing and operating grid-scale battery storage sites.
Pulse Clean Energy's purpose is to provide the balance and
stability needed to ensure renewable energy technologies can
thrive. Through innovation in energy storage and optimisation,
Pulse is working to enable an energy network that runs entirely
carbon free. Find out more about Pulse Clean Energy at
www.pulsecleanenergy.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 and economic conditions and the state of
the solar industry; volatility, uncertainty, delays and disruptions
related to the COVID-19 pandemic; 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, China and Brazil; 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 CSI
Solar 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; logistical
challenges that could increase the selling costs of the Company;
exchange rate fluctuations; litigation; potential initiation of an
anti-circumvention investigation and other risks as described in
the Company's filings with the Securities and Exchange
Commission (the "SEC"), including its annual report on Form 20-F
filed on April 28, 2022. 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
Tel: +1-914-337-8801
csiq@globalirpartners.com
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SOURCE Canadian Solar Inc.