Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that CSI Energy Storage, which is 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 the build-out of energy storage projects managed by UBS Asset Management's Real Estate & Private Markets business in North America
GUELPH, ON, Nov. 21, 2022 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that CSI Energy Storage, which is 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 the build-out of 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 its infrastructure business in the U.S. The multi-year agreement will support the ongoing expansion of its energy storage projects pipeline in North America. The projects are scheduled to reach commercial operation in 2024 and 2025.
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Mark Saunders, Co-Head of Energy Storage Infrastructure, UBS Asset Management, commented, "Batteries with utility-scale application are a critical component for the energy transition. We're pleased to be able to partner with a best-in-class provider to enable us to rapidly scale up our energy storage solutions and look forward to working alongside CSI Energy Storage to deliver benefits to all of our stakeholders."
The energy storage projects covered in the agreement will utilize 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.
These storage projects will help meet a critical need for energy storage during capacity shortfalls. CSI Energy Storage's solution will respond to dispatch signals from grid operators and provide ancillary services to stabilize the grid that will help avoid blackouts.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, "We are pleased to support UBS in the execution of their large energy storage pipeline throughout North America. Our proprietary battery storage product SolBank offers best-in-market 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 scale and on a timeline that our customers require. Energy storage is critical to the reliability of a rapidly decarbonizing electric grid, and we will continue to partner 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. As of September 30, 2022, CSI Energy Storage's total pipeline has reached nearly 25 GWh. The Company offers end-to-end energy storage solutions and services, made possible by robust manufacturing capabilities and cutting-edge products such as the SolBank.
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 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 across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 6.8 GWp in over 20 countries across the world. Currently, the Company has around 311 MWp of solar projects in operation, 5.3 GWp of projects under construction or in backlog (late-stage), and an additional 21 GWp of projects in pipeline (mid- to early-stage). 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; 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 28, 2022, as amended on October 18, 2022. 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.
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SOURCE Canadian Solar Inc.
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