Canadian Solar's CSI Energy Storage Enters Into 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) 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.
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.
