GUELPH,
ON, Oct. 26, 2023 /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 been awarded a supply and integration
contract for 1 GWh DC of energy storage solutions for DEPCOM Power,
Inc. and Tucson Electric Power (TEP) in Arizona.
e-STORAGE will deliver its proprietary energy storage solution
SolBank to the Roadrunner Reserve System project that will be
constructed by DEPCOM Power. The project has a rated capacity of
200 MW and a total storage capacity of 800 MWh AC. TEP will own and
operate the project which will be the largest energy storage system
on TEP's energy grid and among the largest in Arizona. Once operational, the energy storage
project will serve up to approximately 42,000 homes for a four-hour
duration. This marks the second significant project in Arizona for e-STORAGE, following the kick-off
of the Papago Storage project (1,200 MWh / 1,519 MWh DC nominal) in
August of 2023. The Papago project is scheduled to be in service in
late 2024 and the Road Runner Reserve System project is scheduled
to begin operations in the summer of 2025.
SolBank is designed to utilize the safest battery technology
with LFP cells, highly efficient liquid cooling systems, and
multi-level fire safety management systems, incorporating
state-of-the-art monitoring and control systems and active cell
balancing system to ensure safe operation and optimal product
performance.
e-STORAGE has successfully implemented over 3.3 GWh DC of
battery energy storage solutions across the United States, Canada, the United
Kingdom, and China, and
brought the total installed capacity and contracted pipeline to
12.4 GWh DC. This achievement solidifies e-STORAGE's position among
the top industry players globally in energy storage integration.
The company currently operates two fully automated,
state-of-the-art, and industry-leading manufacturing facilities
with an annual capacity of 10 GWh. With a skilled and experienced
international team, e-STORAGE is committed to delivering
high-quality, scalable energy storage solutions, furthering the
adoption of clean energy.
"We have been very pleased with the SolBank solution from CSI
Solar and look forward to implementing it as part of the Roadrunner
Reserve System project," said Justin
Bloch, President, Projects, DEPCOM Power.
"Forward-thinking storage projects like this continue to add
critical capacity to the grid, and we are proud to be part of TEP's
path forward to balance energy supply and demand for Arizona residents."
"Battery energy storage systems that offer safe and reliable
operation are key to Tucson Electric Power's expansion of clean
energy resources. We're excited to work with DEPCOM Power and
Canadian Solar to bring Roadrunner Reserve online for our
community," said Eric Bronner,
TEP Senior Director of System Integration and Operations.
Colin Parkin, President
of e-STORAGE Business Group, commented: "We
are excited to support DEPCOM Power and Tucson Electric in their
efforts to build and operate the Roadrunner Reserve System
project. This project will contribute to the great
state of Arizona's growing solar
energy capacity and aid the state in meeting surging electricity
demand and energy reliability goals."
About Canadian Solar
Canadian Solar was founded in 2001 in Canada and
has been listed on NASDAQ since 2006. It is now one of the world's
largest solar technology and renewable energy companies. Canadian
Solar 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 22 years, Canadian Solar has
successfully delivered over 102 GW of premium-quality, solar
photovoltaic modules and 3.3 GWh DC of battery storage products to
customers across the world. Likewise, since entering the project
development business in 2010, Canadian Solar has
developed, built, and connected over 9 GWp of solar power projects
and over 3 GWh of battery storage projects across the world.
Currently, the Company has approximately 700 MWp of solar power
projects in operation, 8 GWp of projects under construction or in
backlog (late-stage), and an additional 17 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has a
total battery storage project development pipeline of 52 GWh,
including approximately 2 GWh under construction or in backlog, and
an additional 50 GWh at advanced and early-stage
development. Canadian Solar is one of the most bankable
companies in the solar and renewable energy industry. For
additional information about the Company, follow Canadian Solar
on LinkedIn or visit www.canadiansolar.com.
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.
At the core of the e-STORAGE platform is SolBank, a
self-manufactured, lithium-iron phosphate chemistry-based battery
engineered for utility-scale applications. The Company offers
end-to-end energy storage solutions and services, made possible by
robust manufacturing capabilities and cutting-edge products.
e-STORAGE currently operates two fully automated, state-of-the-art,
and industry-leading manufacturing facilities with an annual
capacity of more than 10 GWh. e-STORAGE has deployed more than 3.3
GWh DC of battery energy storage solutions across the United States, Canada, the United
Kingdom, and China.
e-STORAGE is fully equipped to continue providing high-quality,
scalable energy storage solutions and contribute to the widespread
adoption of clean energy. For additional information about
e-STORAGE, please follow the LinkedIn page or visit
www.csestorage.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 18, 2023.
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
e-STORAGE MEDIA INQUIRIES
Simona Marginean
e-STORAGE Marketing Manager
simona.marginean@csestorage.com
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SOURCE Canadian Solar Inc.