GUELPH,
ON, Oct. 1, 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 turnkey EPC contract to supply
a 98 MW/312 MWh DC Battery Energy Storage System (BESS) to the
Huatacondo project in Chile. The
project, developed by Sojitz Corporation and Shikoku Electric Power
Co., Inc. through their subsidiary AustrianSolar Chile Cuatro SpA
("ASC4"), is set to commence construction in the first quarter of
2025.
e-STORAGE will provide and integrate its advanced SolBank
3.0 energy storage solution for the project. Under the EPC
contract, e-STORAGE will manage all civil, mechanical, and
electrical infrastructure for the project.
Toshinori Kawahara, General
Manager of ASC4, commented: "Building our energy storage
project is a major milestone for ASC4. We are very pleased to be
able to contribute to a stable supply of electricity in northern
Chile."
Colin Parkin, President of
e-STORAGE, stated: "We are pleased to extend our energy storage
expertise through the delivery of our first major project in
Chile, supporting the government's
ambitious goal of getting 70% of its electricity from renewable
sources by 2050. This new BESS project in the Tarapacá Region of
Chile expands our global
portfolio, reinforcing our commitment to delivering reliable,
high-performance energy solutions worldwide."
e-STORAGE's SolBank 3.0 offers exceptional performance and
safety, featuring high-density LFP cells, advanced BMS, and
innovative liquid cooling TMS. Its compact design and high capacity
of over 5 MWh per 20-ft container optimize land use and reduce
costs. The SolBank 3.0 boasts an IP55 protection grade, making it
resistant to wind and rain, ensuring reliable operation in the
Andean climate. The SolBank 3.0's capacity to function effectively
across a broad temperature spectrum further enhances its
durability, making it an ideal solution for demanding
environments.
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 133
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 approximately 11 GWp of solar power projects and 3.7
GWh of battery energy storage projects across the world. Currently,
the Company has approximately 1.6 GWp of solar power projects in
operation, 6.5 GWp of projects under construction or in backlog
(late-stage), and an additional 20.9 GWp of projects in advanced
and early-stage pipeline. In addition, the Company has 1 GWh of
battery energy storage projects in operation and a total battery
energy storage project development pipeline of around 63 GWh,
including approximately 8.5 GWh under construction or in backlog,
and an additional 54.3 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 designing, manufacturing, and integrating
battery energy storage systems for utility-scale applications.
e-STORAGE offers proprietary battery energy storage solutions,
comprehensive EPC services, and innovative solutions aimed at
improving grid operations. Currently, e-STORAGE operates two fully
automated, state-of-the-art manufacturing facilities with an annual
production capacity of 20 GWh energy storage solutions. For more
info, please refer to the Media&PR section of
www.csestorage.com and follow our LinkedIn page.
About Sojitz
Sojitz Corporation ("Sojitz") was founded in 2003 and operates
as one of the leading general trading and investment companies in
Japan. Sojitz is engaged in a
diverse range of businesses globally and continues to expand on its
extensive business experience in Japan and overseas. Specifically, in the
energy sector, Sojitz anticipates continued growth of
decarbonization-related businesses due to rising global awareness
of environmental issues. In addition to pursuing existing
asset-based infrastructure businesses such as the Huatacondo BESS
project, Sojitz also aims to establish a business management model
focused on providing solutions to customers. Through this approach,
Sojitz aims to expand earnings opportunities, broaden its business
scope, and ensure robust growth.
About Shikoku Electric Power
Shikoku Electric Power (Yonden) was founded in 1951, as one of
the utility companies in Japan.
Yonden is committed to pursuing initiatives toward the creation and
development of future growth engines, to expand revenue in
businesses outside the electric power business. The end vision of
these initiatives is to achieve sustainable growth into the future,
amid turbulent changes in the business landscape. As part of this
vision, Yonden is expanding its activity sites to countries around
the world together with a variety of business partners. Through
technical consulting and international cooperation leading to
overseas investments, particularly in overseas power generation
projects, Yonden's objective is to further enlarge revenue
from its international business, where growth is expected.
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 power and battery energy storage
market and industry; geopolitical tensions and conflicts, including
impasses, sanctions and export controls; volatility, uncertainty,
delays and disruptions related to global pandemics; supply chain
disruptions; governmental support for the deployment of solar
power and battery energy storage; future available supplies of
silicon, solar wafers and lithium cells; 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 China,
the U.S., Europe, Brazil and Japan;
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;
the pipeline of projects and timelines related to them; the ability
of the parties to optimize value of that pipeline; 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 the Company's filings with the Securities and Exchange
Commission, including its annual report on Form 20-F filed on
April 26, 2024. 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 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
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SOURCE Canadian Solar Inc.