Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today (July 8) 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 Nova Scotia Power to develop flagship energy storage projects across three locations in Nova Scotia, Canada: Bridgewater, Waverley, and White Rock.
The projects, totaling 150 MW / 705 MWh DC, will play a crucial role in enhancing grid reliability and stability, supporting the province's transition to cleaner energy. Construction will be completed by the end of 2026, and the first site expected to be operational in 2025. e-STORAGE will provide comprehensive engineering, procurement, and construction (EPC) services along with long-term service agreements (LTSA).
e-STORAGE's expertise in engineering utility-scale battery energy storage systems ensures the projects meet the highest safety standards and regulatory requirements. With cutting-edge technologies and rigorous safety protocols, e-STORAGE addresses the increasing demand for energy storage solutions while ensuring community safety and grid reliability.
e-STORAGE has shipped more than 5 GWh of battery energy storage solutions across North America, Europe, and Asia Pacific markets. As a Canadian company, Canadian Solar takes pride in leveraging its global expertise and capabilities to empower Canadian businesses in transitioning to a sustainable energy future. As global demand for advanced energy solutions continues to rise, e-STORAGE is scaling up production to meet the evolving needs of clients and partners.
Peter Gregg, President of Nova Scotia Power, commented, "We look forward to collaborating with communities and project partners to ensure these projects provide the most cost-effective value to our customers. These grid-scale battery energy storage projects will help maintain system reliability during Nova Scotia's clean energy transition, delivering safe and clean energy when needed."
Colin Parkin, President of e-STORAGE, added, "We are thrilled to partner with Nova Scotia Power on these innovative energy storage projects, contributing to provincial and federal targets of achieving 80% renewables by 2030. As Canadians, we are committed to making a significant environmental impact at home while empowering our clients to shift electricity generation to long-term renewable energy sources. We are proud to be setting a precedent for North America, creating local jobs, and enhancing grid reliability."
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.
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
