KITCHENER, ON , March 6,
2025 /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 Battery Supply
Agreements and Long-Term Service Agreements (LTSA) for
two major battery energy storage projects in the United States, developed by Aypa
Power.
The agreements cover the supply and commissioning of a 160 MW
AC/806 MWh DC Battery Energy Storage System (BESS) in California and a 200 MW AC/998 MWh DC BESS in
Texas. The projects will deploy
approximately 370 SolBank 3.0 units, with construction
expected to commence in Q3 2025. Following commissioning, e-STORAGE
will oversee system maintenance and operations under a 20-year
LTSA, ensuring long-term performance and reliability.
These projects will strengthen grid resilience and support
renewable energy integration in key U.S. markets. e-STORAGE, a Tier
1 global provider of energy storage solutions, will integrate its
proprietary SolBank 3.0 battery energy storage solution,
featuring lithium-iron-phosphate battery technology, an active
balancing battery management system, and advanced liquid cooling to
ensure safety and performance.
Colin Parkin, President of
e-STORAGE, commented, "We are proud to support Aypa Power
in delivering utility-scale energy storage projects that will play
a pivotal role in enhancing grid flexibility and reliability. Our
SolBank technology is designed to provide safe, high-performance
energy storage solutions that meet the growing demands of the
market. These projects highlight the increasing role of battery
storage in stabilizing renewable energy supply, and we remain
committed to driving innovation and delivering high-quality
solutions that support a cleaner, more sustainable energy
future."
About Canadian Solar Inc.
Canadian Solar is one of the world's largest solar technology
and renewable energy companies. Founded in 2001 and headquartered
in Ontario, Canada, the Company is
a leading manufacturer of solar photovoltaic modules; provider of
solar energy and battery energy storage solutions; and developer,
owner, and operator of utility-scale solar power and battery energy
storage projects. Over the past 23 years, Canadian Solar has
successfully delivered around 142 GW of premium-quality, solar
photovoltaic modules to customers across the world. Through its
subsidiary e-STORAGE, Canadian Solar has shipped over 8 GWh of
battery energy storage solutions to global markets as of
September 30, 2024, boasting a
US$3.2 billion contracted backlog as
of November 30, 2024. 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 globally.
Its geographically diversified project development pipeline
includes 26 GWp of solar and 66 GWh of battery energy storage
capacity in various stages of 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 battery production capacity of 20 GWh. For more info,
please refer to the Media&PR section
of www.csestorage.com and follow
our LinkedIn page.
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 to reduce reliance on fossil fuels and make 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 its 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 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 CONTACT
Simona
Marginean
e-STORAGE Marketing Manager
simona.marginean@csestorage.com
AYPA MEDIA CONTACT
communications@aypa.com
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SOURCE Canadian Solar Inc.