GUELPH,
ON, Nov. 21, 2022 /PRNewswire/ -- Canadian
Solar Inc. (the "Company" or
"Canadian Solar") (NASDAQ: CSIQ) today announced that CSI
Energy Storage, which is part of its majority-owned
subsidiary CSI Solar Co., Ltd. ("CSI Solar"), has
been selected to provide up to 2.6 GWh of battery solutions for the
build-out of energy storage
projects managed by UBS Asset Management's Real Estate &
Private Markets business in North
America.
The battery solutions provided by CSI Energy Storage are central
to UBS Asset Management's energy storage investment strategy and
part of the strategic expansion of its infrastructure business in
the U.S. The multi-year agreement will support the ongoing
expansion of its energy storage projects pipeline in North America. The projects are scheduled to
reach commercial operation in 2024 and 2025.
Mark Saunders, Co-Head of
Energy Storage Infrastructure, UBS Asset Management, commented,
"Batteries with utility-scale application are a critical component
for the energy transition. We're pleased to be able to partner with
a best-in-class provider to enable us to rapidly scale up our
energy storage solutions and look forward to working alongside CSI
Energy Storage to deliver benefits to all of our stakeholders."
The energy storage projects covered in the agreement will
utilize CSI Energy Storage's SolBank, a proprietary battery energy
storage solution designed and manufactured for utility-scale
applications. CSI Energy Storage will also provide full
commissioning and integration services for the projects, in
addition to long-term operations and maintenance, warranties and
performance guarantees.
These storage projects will help meet a critical need for energy
storage during capacity shortfalls. CSI Energy Storage's solution
will respond to dispatch signals from grid operators and provide
ancillary services to stabilize the grid that will help avoid
blackouts.
Dr. Shawn Qu, Chairman and CEO of Canadian
Solar, commented, "We are pleased to support UBS in the
execution of their large energy storage pipeline throughout
North America. Our proprietary
battery storage product SolBank offers best-in-market product
safety and cost competitiveness and our agreement with UBS
demonstrates our ability to attract top-tier investors and provide
battery energy storage solutions at scale and on a timeline that
our customers require. Energy storage is critical to the
reliability of a rapidly decarbonizing electric grid, and we will
continue to partner with customers like UBS to make a difference in
the energy transition."
CSI Energy Storage has deployed more than 2.4 GWh of battery
energy storage solutions to date across the United States, Canada, the United
Kingdom, and China. As of
September 30, 2022, CSI Energy
Storage's total pipeline has reached nearly 25 GWh. The Company
offers end-to-end energy storage solutions and services, made
possible by robust manufacturing capabilities and cutting-edge
products such as the SolBank.
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 21 years, Canadian
Solar has successfully delivered around 76 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 6.8 GWp in over 20 countries across the world. Currently, the
Company has around 311 MWp of solar projects in operation, 5.3 GWp
of projects under construction or in backlog (late-stage), and an
additional 21 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.
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 28, 2022, as amended on
October 18, 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
914-337-8801
csiq@globalirpartners.com
CSI ENERGY STORAGE MEDIA INQUIRIES
Ally Copple
Innovant Public Relations
713-201-8800
Ally@InnovantPR.com
UBS ASSET MANAGEMENT MEDIA INQUIRIES
Zarna Patel
212-713-3803
ol-am-mediarelations@ubs.com
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SOURCE Canadian Solar Inc.