UBS Asset Management’s Real Estate & Private Markets business in North America has selected Canadian Solar Inc.’s CSI Energy Storage, which is part of its majority-owned subsidiary CSI Solar Co. Ltd., to provide 2.6 GWh of battery solutions for the construction of energy storage projects.
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 its infrastructure business in the US. . The projects are scheduled to reach commercial operation in 2024 and 2025.
“Batteries with utility-scale applications are a critical component for the energy transition,” said Mark Saunders, co-head of energy storage infrastructure at UBS Asset Management. “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 the projects, in addition to long-term operations and maintenance, warranties and performance guarantees.
“We are pleased to support UBS in the implementation of their large energy storage pipeline across North America,” said Dr. Shawn Qu, chairman and CEO of Canadian Solar. “Our proprietary battery storage product SolBank offers the best safety and cost competitive product on the market and our agreement with UBS demonstrates our ability to attract top-tier investors and provide battery energy storage solution 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 develop a energy transfer difference.