Canadian Solar – CSI Energy Storage has entered into a 2.6 gwh battery supply agreement with UBS Asset Management’s Real Estate & Private Markets business.
Canadian Solar Inc. (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ) announced that CSI Energy Storage, part of its majority-owned subsidiary CSI Solar Co., Ltd. (“CSI Solar”), has been selected to provide up to 2.6 GWh of battery solutions for building energy storage projects managed by UBS Asset Management’s Real Estate & Private Markets business in North America.
The battery solutions provided by CSI Energy Storage are central to UBS Asset Management’s energy storage investment strategy and part of the strategic expansion of the US infrastructure business.
The multi-year agreement will support the continued expansion of its energy storage projects pipeline in North America. The projects are scheduled to reach commercial operation in 2024 and 2025.
Mark SaundersCo-Head of Energy Storage Infrastructure, UBS Asset Management, commented:
Batteries with utility-scale applications are a critical component for energy transfer.
“We are delighted to be partnering with a best-in-class provider to enable us to rapidly scale our energy storage solutions and look forward to working with CSI Energy Storage to deliver the benefits to all of our stakeholders.”
The energy storage projects covered by the agreement will use CSI Energy Storage’s SolBank, a proprietary battery energy storage solution designed and manufactured for utility-scale applications.
CSI Energy Storage will also provide full commissioning and integration services for projects, in addition to long-term operations and maintenance, warranties and performance guarantees.
These storage projects help meet a critical need for energy storage during capacity shortages. The CSI Energy Storage solution responds to dispatch signals from grid operators and provides ancillary services to stabilize the grid that help prevent blackouts.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented:
We are pleased to support UBS in the implementation of their large line of energy storage across North America.
“Our proprietary battery storage product SolBank offers market-leading product safety and cost competitiveness and our agreement with UBS demonstrates our ability to attract top-tier investors and provide battery energy storage solutions at the scale and on the timeline our customers need.”
“Energy storage is critical to the reliability of a rapidly decarbonizing electric grid, and we will continue to work with customers like UBS to make a difference in the energy transition.”
CSI Energy Storage has deployed more than 2.4 GWh of battery energy storage solutions to date across the United States, Canada, the United Kingdom, and China. Until September 30, 2022, the total pipeline of CSI Energy Storage reached almost 25 GWh.
The Company offers end-to-end energy storage solutions and services, made possible by strong manufacturing capabilities and cutting-edge products such as SolBank.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the largest solar technology and renewable energy companies in the world. 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 21 years, Canadian Solar has successfully delivered around 76 GW of premium quality, solar photovoltaic modules to customers around the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected more than 6.8 GWp in more than 20 countries around the world.
Currently, the Company has about 311 MWp of solar projects in operation, 5.3 GWp of projects under construction or in the backlog (late-stage), and an additional 21 GWp of pipeline projects (mid to an early stage).
Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, publicly listed on NASDAQ since 2006. For more information about the Company, follow Canadian Solar on LinkedIn or visit www. canadiansolar.com.
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Canadian Solar’s CSI Energy Storage Enters into 2.6 GWh Battery Supply Agreement with UBS Asset Management’s Real Estate & Private Markets Business, GUELPH, ON, November 21, 2022
