GUELPH,
ON, Aug. 7, 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
been awarded a turnkey EPC contract for 100 MW / 200 MWh energy
storage solutions by Fotowatio Renewable Ventures (FRV)
Australia for its Terang energy
storage project in Victoria,
Australia. FRV Australia, part of Jameel Energy and the
Canadian infrastructure fund OMERS, is a leading developer of
sustainable energy solutions.
e-STORAGE and FRV Australia have entered into an Energy Storage
Supply Agreement and a Long-Term Service Agreement. Construction of
the project is scheduled to commence in August 2024.
e-STORAGE will deliver SolBank 3.0, its latest proprietary
energy storage solution, for the Terang project. SolBank 3.0
provides over 5 MWh of capacity in a 20-ft container. Compared with
the previous generation, SolBank 3.0 offers a 45% increase in
capacity and a 12% reduction in the project layout space. In
addition, SolBank 3.0's efficient cooling system can reduce
auxiliary energy consumption by 30%. The system also includes a
multi-level fire detector, alarm, and
extinguishing system to mitigate thermal risks.
Located in Terang, Victoria,
the project will be FRV Australia's first standalone energy storage
project and is expected to create many jobs during both
the construction and operational phases.
Carlo Frigerio, CEO of FRV
Australia, commented: "Building our first large-scale energy
storage project is a major milestone for FRV Australia. This
project strengthens our place in the renewable energy sector in
Australia. It paves the way for
future business opportunities and growth in our
portfolio".
Colin Parkin, President of
e-STORAGE, added: "We really appreciate FRV Australia's trust
in e-STORAGE, having chosen us to build this 100 MW / 200 MWh
energy storage system in Terang, Australia. Leveraging our advanced SolBank 3.0
technology, this project not only bolsters the grid during peak
demand, but also delivers substantial benefits to the local
community. We look forward to working with FRV Australia in
future".
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 designing, manufacturing, and integrating
battery energy storage systems for utility-scale applications.
e-STORAGE offers proprietary battery energy storage solutions,
comprehensive EPC services, and innovative solutions aimed at
improving grid operations. e-STORAGE has shipped close to 5.7 GWh
DC 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,
e-STORAGE operates two fully automated, state-of-the-art
manufacturing facilities with an annual production capacity of 20
GWh energy storage solutions. For more info, please refer to the
Media&PR section of www.csestorage.com and follow the
LinkedIn page.
About FRV Australia
FRV was one of the first international solar developers to enter
the Australian market and developed its first Australian solar PV
project pipeline in 2011 opening the local solar market. FRV was
also the first company to deliver a project-financed large-scale
solar farm in Australia with the
Royalla Solar Farm near Canberra
operating since August 2014. To date,
the company has developed over 1 GW of PV assets built or under
construction across 10 projects. The activities are based in
Sydney and the company has a
multidisciplinary team of over 80 employees. In October 2021 FRV partnered with OMERS
Infrastructure signing an agreement for the sale of 49% of FRV
Australia. The partnership with a top tier investor such as OMERS
is a strong signal of confidence in the high value of FRV's
portfolio of projects and pipeline and it will accelerate the
growth plans for the company in Australia. For more information, please visit:
frv.com
About FRV
FRV, part of Jameel Energy, is a leading global renewable energy
development company. In line with our ambition to continue leading
the global transition to a more sustainable energy future, FRV has
evolved from being just a developer to becoming an independent
power producer. We aim to be the world's leading green energy and
infrastructure platform. For more information, please
visit: frv.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
FRV Media inquiries
Guillermo Agulló:
guillermo.agullo@frv.com | +34 664 800 663
James Thompson:
jathompson@omers.com | +44(0)7443 264 154
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SOURCE Canadian Solar Inc.