GUELPH,
ON, May 8, 2024 /PRNewswire/ -- Canadian Solar
Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) announced
today that it has won three battery energy storage system ("BESS")
projects, totaling 193 MW, in Japan's first Long-Term Decarbonization Power
Source Auction ("LTDA"). The winners of this auction were announced
on April 26, 2024, with the Company
securing a 13.3% of the total awarded energy storage projects.
Canadian Solar will enter into Capacity Reserve Agreements
("CRA") with the Organization for Cross-regional Coordination of
Transmission Operators ("OCCTO"). These energy storage projects
will provide capacity over a 20-year period, in return for Capacity
Reserve Payments to offset fixed storage system costs.
Located in Aomori, Fukushima, and Yamaguchi prefectures
respectively, the three projects are expected to commence
commercial operations between 2027 to 2028 and will feature the
recently launched SolBank 3.0 system from e-STORAGE, a subsidiary
CSI Solar Co., Ltd.
Dr. Shawn Qu, Chairman and CEO
of Canadian Solar, commented, "Our remarkable achievement in
Japan's inaugural LTDA underscores
our strong position in energy storage market in Japan. Since launching our PV operations in
2009, we have been at the forefront of the industry. Now, we have
also established ourselves in the energy storage market. The
introduction of our SolBank 3.0 system has been pivotal, providing
us with an edge in competitive market. As of January 31, 2024, our project development
pipeline in Japan totaled 1.376
GWh and 213 MWp for energy storage and solar respectively. With the
LTDA's support and increasing demand from corporate buyers, we
anticipate continued growth in Japan. We remain committed to advancing both
BESS and PV projects, supporting Japan's goal of achieving carbon neutrality by
2050."
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 22 years, Canadian Solar has
successfully delivered over 118 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 around 10 GWp of solar power
projects and 3.3 GWh of battery energy storage projects across the
world. Currently, the Company has approximately 1 GWp of solar
power projects in operation, 7.4 GWp of projects under construction
or in backlog (late-stage), and an additional 19.9 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
approximately 55 GWh, including approximately 3.5 GWh under
construction or in backlog, and an additional 51 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.
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 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
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SOURCE Canadian Solar Inc.