GUELPH,
ON, July 9, 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"), has secured a contract from Aypa Power ("Aypa") to deliver
a 498 MWh DC standalone battery energy storage system for Aypa's
Bypass Project. The Bypass Project is scheduled for completion in
the third quarter of 2025.
Strategically located in Fort Bend
County near Thompsons,
Texas, the Bypass Project will support the growing energy
demand of the greater Houston
area. It will utilize 106 units of e-STORAGE's latest battery
energy storage solution, SolBank 3.0. The batteries will be paired
with 65 power conversion systems and controllers. Each SolBank
battery delivers 5 MWh of energy capacity in a 20-foot standardized
container, featuring high-density lithium-iron-phosphate (LFP)
chemistry battery cells, an active balancing battery management
system, and an innovative liquid cooling thermal management system
to enhance operational efficiency, safety, and reliability.
After integrating and commissioning the project to commercial
operation, e-STORAGE will provide ongoing operational support for
the project under a Long-Term Service Agreement (LTSA).
Moe Hajabed, CEO of Aypa
Power, commented, "We are pleased to continue our partnership
with e-STORAGE on the Bypass Project. Utilizing their SolBank 3.0
technology, this project will enhance grid resiliency and support
Houston's growing energy needs.
This collaboration underscores Aypa's commitment to deploying
efficient and dependable energy solutions. We look forward to the
Bypass Project's successful delivery and the positive impact it
will have on strengthening the Texas grid."
Colin Parkin, President of
e-STORAGE, added, "We are excited to announce our third project
with Aypa Power by extending our partnership with the award of
their Bypass Project. This brings our total commitment to providing
Aypa with over 1.3 GWh of integrated energy storage capacity. Our
ongoing collaboration with Aypa highlights our commitment to
delivering innovative and sustainable energy storage solutions,
meeting the diverse needs of our partners' projects and
communities."
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 energy storage
solutions, and developer of utility-scale solar power and battery
energy storage projects with a geographically diversified pipeline
in various stages of development. Over the past 23 years, Canadian
Solar has successfully delivered over 125 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 10 GWp of solar
power projects and 3.3 GWh of battery energy storage projects
across the world. Currently, the Company has over 1.2 GWp of solar
power projects in operation, 6.5 GWp of projects under construction
or in backlog (late-stage), and an additional 19.8 GWp of projects
in advanced and early-stage pipeline. In addition, the Company has
600 MWh of battery energy storage projects in operation and a total
battery energy storage project development pipeline of around 56
GWh, including approximately 4.3 GWh under construction or in
backlog, and an additional 51.6 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.
About e-STORAGE
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$2.5 billion of contracted backlog including
contracted long-term services agreements as of March 2024. e-STORAGE has shipped
close to 5.7 GWh of battery energy storage solutions
to global markets, including the United
States, Canada, the
United Kingdom, and China as of March
2024. 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 20 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.
About Aypa Power
Aypa Power is a Blackstone portfolio
company that develops, owns, and operates utility-scale energy
storage and hybrid renewable energy projects. As an independent
power producer, Aypa was founded with the purpose of reducing
reliance on fossil fuels and making a positive impact in the fight
against climate change, while improving grid reliability and
resiliency. Aypa has been at the forefront of energy storage
development since their first energy storage project came online in
2018. The company currently has more than 22 GW in development
across North America. For more
information, follow Aypa Power on LinkedIn or visit www.aypa.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; litigation and other risks as described in
Canadian Solar's filings with the Securities and Exchange
Commission, including its annual report on Form 20-F filed on
April 26, 2024. Although Canadian
Solar and Recurrent Energy believe 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 and Recurrent Energy undertake no duty to update
such information, except as required under applicable law.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
e-STORAGE MEDIA INQUIRIES
Simona Marginean
e-STORAGE Marketing Manager
simona.marginean@csestorage.com
AYPA MEDIA CONTACT
communications@aypa.com
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SOURCE Canadian Solar Inc.