GUELPH,
ON, July 8, 2024 /PRNewswire/ -- Canadian
Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ:
CSIQ) today announced that e-STORAGE, which is part of
the Company's majority-owned subsidiary CSI Solar Co.,
Ltd. ("CSI Solar"), has secured a contract from Nova Scotia
Power to develop flagship energy storage projects across three
locations in Nova Scotia, Canada:
Bridgewater, Waverley, and White
Rock.
The projects, totaling 150 MW / 705 MWh DC, will play a crucial
role in enhancing grid reliability and stability, supporting the
province's transition to cleaner energy. Construction will be
completed by the end of 2026, and the first site expected to be
operational in 2025. e-STORAGE will provide comprehensive
engineering, procurement, and construction (EPC) services along
with long-term service agreements (LTSA).
e-STORAGE's expertise in engineering utility-scale battery
energy storage systems ensures the projects meet the highest safety
standards and regulatory requirements. With cutting-edge
technologies and rigorous safety protocols, e-STORAGE addresses the
increasing demand for energy storage solutions while ensuring
community safety and grid reliability.
e-STORAGE has shipped more than 5 GWh of battery energy storage
solutions across North America,
Europe, and Asia Pacific markets. As a Canadian company,
Canadian Solar takes pride in leveraging its global expertise and
capabilities to empower Canadian businesses in transitioning to a
sustainable energy future. As global demand for advanced energy
solutions continues to rise, e-STORAGE is scaling up production to
meet the evolving needs of clients and partners.
Peter Gregg, President of Nova
Scotia Power, commented, "We look forward to collaborating with
communities and project partners to ensure these projects provide
the most cost-effective value to our customers. These grid-scale
battery energy storage projects will help maintain system
reliability during Nova Scotia's
clean energy transition, delivering safe and clean energy when
needed."
Colin Parkin, President of
e-STORAGE, added, "We are thrilled to partner with Nova
Scotia Power on these innovative energy storage projects,
contributing to provincial and federal targets of achieving
80% renewables by 2030. As Canadians, we are committed to making a
significant environmental impact at home while empowering our
clients to shift electricity generation to long-term renewable
energy sources. We are proud to be setting a precedent for
North America, creating local
jobs, and enhancing grid reliability."
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 energy storage solutions, and developer of
utility-scale solar power and battery energy storage projects with
a geographically diversified pipeline in various stages of
development. Over the past 23 years, Canadian Solar has
successfully delivered over 125 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 10 GWp of solar
power projects and 3.3 GWh of battery energy storage projects
across the world. Currently, the Company has over 1.2 GWp of solar
power projects in operation, 6.5 GWp of projects under construction
or in backlog (late-stage), and an additional 19.8 GWp of projects
in advanced and early-stage pipeline. In addition, the Company has
600 MWh of battery energy storage projects in operation and a total
battery energy storage project development pipeline of around 56
GWh, including approximately 4.3 GWh under construction or in
backlog, and an additional 51.6 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.
About e-STORAGE
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.
e-STORAGE had US$2.5 billion of
contracted backlog including contracted long-term services
agreements as of March 2024.
e-STORAGE has shipped close to 5.7 GWh of battery energy storage
solutions to global markets, including the United States, Canada, the United
Kingdom, and China as of
March 2024. 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 20
GWh. e-STORAGE is fully equipped to continue providing
high-quality, scalable energy storage solutions and contribute to
the widespread adoption of clean energy. Please refer to the
Media&PR section of the e-STORAGE website for images and
additional information about e-STORAGE, 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; litigation and
other risks as described in Canadian Solar's filings with
the Securities and Exchange Commission, including its annual
report on Form 20-F filed on April 26, 2024.
Although Canadian Solar and Recurrent Energy believe 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 and Recurrent Energy
undertake no duty to update such information, except as required
under applicable law.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
e-STORAGE MEDIA INQUIRIES
Simona Marginean
e-STORAGE Marketing Manager
simona.marginean@csestorage.com
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SOURCE Canadian Solar Inc.