Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today (Nov 27) announced that e-STORAGE, which is part of the Company's majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar"), has been selected as the preferred supplier for Engineering, Procurement, and Construction ("EPC") and Operations and Maintenance ("O&M") by Copenhagen Infrastructure Partners (CIP) to deliver its Summerfield battery storage project in South Australia.
The Summerfield battery storage project is a 2-hour 240 MW (480 MWh) DC energy storage solution. The project is currently sized at a 2-hour storage duration but is expandable depending on market needs. Summerfield is the first of multiple large-scale battery projects spearheaded by CIP in Australia. The project is scheduled for installation in 2025 and will incorporate e-STORAGE's SolBank battery technology.
The Summerfield Battery is strategically situated in the Murraylands region to the east of Adelaide in South Australia. The battery supports Australia's energy operator's roadmap for the efficient development of the network and facilitates the integration of new renewable generation sources.
Using e-STORAGE's proprietary SolBank's cutting-edge battery technology, the Summerfield Battery will serve as a critical reservoir of energy, enhancing grid stability in the region. The battery system will accumulate surplus energy during periods of low demand and distribute power back to the grid during peak consumption phases. This functionality is essential for ensuring a consistent, cost-effective supply of electricity to South Australia, Victoria, and the broader national energy grid.
Partner and Head of CIP Australia Jørn Hammer said: "We are pleased to work with Canadian Solar to deliver a new large-scale battery in South Australia. The Summerfield Battery will help to ensure continued energy reliability and unlock new renewable capacity."
Colin Parkin, President of e-STORAGE, commented: "We are deeply honored to collaborate with Copenhagen Infrastructure Partners Flagship Fund as they endeavor to expand battery storage solutions in Australia. Together, we understand the pivotal role that battery storage systems play in achieving a sustainable future and we are engaged in making a difference in the renewable industry."
e-STORAGE will deliver its proprietary SolBank battery energy storage systems and provide full integration, commissioning, and long-term operational services for the project. SolBank is a self-manufactured battery designed for utility-scale applications. It is based on lithium-iron-phosphate (LFP) chemistry and engineered with a strong focus on safety and efficiency. The battery incorporates LFP cells, efficient liquid cooling systems, and multi-level fire safety management systems. It also includes state-of-the-art monitoring and control systems. Additionally, the active cell balancing system ensures safe operation and optimized system efficiency and overall performance.
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world's largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and renewable hydrogen. CIP manages 11 funds and has to date raised approximately EUR 25 billion for investments in energy and associated infrastructure from more than 150 international institutional investors. CIP has approximately 400 employees and 12 offices around the world. For more information, visit www.cip.com
About Canadian Solar
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 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 110 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 9.3 GWp of solar power projects and over 3 GWh of battery storage projects across the world. Currently, the Company has around 850 MWp of solar power projects in operation, 7.8 GWp of projects under construction or in backlog (late-stage), and an additional 18.7 GWp of projects in advanced and early-stage pipeline. In addition, the Company has a total battery storage project development pipeline of approximately 55 GWh, including approximately 5 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, 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.
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. To date, e-STORAGE has successfully implemented over 3.3 GWh DC of battery energy storage solutions in various locations, including the United States, Canada, the United Kingdom, and China. This brings the total installed capacity and contracted projects to 12.4 GWh DC. 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 10 GWh. 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
