Canadian Solar - CSIQ STOCK NEWS

Canadian Solar's e-STORAGE division has secured a contract with Copenhagen Infrastructure Partners (CIP) to deliver 240 MW/960 MWh battery energy storage systems in Summerfield, South Australia. The project, set to begin construction in 2025, will be one of South Australia's largest battery storage initiatives.

e-STORAGE will provide turnkey EPC services, including the supply and integration of over 200 SolBank 3.0 battery containers. The company will also support long-term performance and operations under a service agreement. Located 55 kilometers east of Adelaide, the project will contribute to South Australia's goal of achieving 100% net renewable energy by 2027 by storing excess wind and solar energy for use during peak demand periods.

The project demonstrates e-STORAGE's growing presence in Australia, where it currently has over 1.5 GWh of Battery Energy Storage Systems (BESS) under construction.

Canadian Solar's Founder, Chairman, and CEO, Dr. Shawn Qu, has been named an Innovator on the TIME100 Climate 2024 list, recognizing influential leaders driving successful and equitable climate solutions. The list includes prominent figures like World Bank President Ajay Banga and Breakthrough Energy Founder Bill Gates.

Since founding Canadian Solar in 2001, Dr. Qu has transformed the company from a startup into a global renewable energy leader operating in 23 countries, delivering over 142 GW of solar modules and 8 GWh of battery energy storage solutions worldwide.

This recognition follows Newsweek naming Canadian Solar the World's Most Trustworthy Company in the Energy and Utilities sector. Dr. Qu emphasized that Canadian Solar has evolved into a comprehensive energy solutions provider, offering solar, lithium battery energy storage, and wind power solutions to meet global energy demands.

Canadian Solar (NASDAQ: CSIQ) has opened its new global headquarters in Kitchener, Ontario, marking a significant expansion from its original founding location in Guelph. Founded in 2001, the company has grown to employ approximately 20,000 people across more than 20 countries.

The new Kitchener facility will serve as the corporate headquarters and house several subsidiary operations, including e-STORAGE and the module sales and services business units. This expansion represents a consolidation of three global business units and reinforces the company's commitment to its Canadian heritage while maintaining its position as a global leader in solar power and renewable energy solutions.

The headquarters selection has received strong support from local and regional government officials, who emphasize the potential for job creation, economic growth, and advancement in clean energy technology development in the Ontario region.

Canadian Solar's e-STORAGE division has secured contracts with Copenhagen Infrastructure Partners (CIP) to deliver 2 GWh DC of battery energy storage systems for two major projects in Scotland. The projects include the 1 GWh DC Coalburn 2 Project in South Lanarkshire and the 1 GWh DC Devilla Project near Edinburgh, both scheduled to begin construction in 2027.

e-STORAGE will supply approximately 450 SolBank 3.0 battery containers and provide long-term facility performance and operational management services. The projects will have a two-hour energy storage dispatch capability and can power around 250,000 homes for a full day. Together, they are expected to reduce approximately 4.57 million metric tons of CO2 emissions during their lifespan.

The initiatives aim to stabilize the grid, support offshore wind generation, and contribute to the UK's clean energy transition goals. Environmental measures including tree planting and habitat creation are also planned to enhance biodiversity.

Canadian Solar Inc. (NASDAQ: CSIQ) has announced three significant agreements with Sunraycer Renewables to supply and commission battery energy storage solutions and up to 2 GWp of high-efficiency solar modules for various projects in Texas. The agreements include delivering 188 MWh DC to the Gaia project in Navarro County and 127 MWh DC to the Midpoint project in Hill County, scheduled for commissioning in Q3 2025. These projects will use over 60 SolBank 3.0 battery containers featuring high-density lithium-iron-phosphate cells and advanced battery management systems.

Additionally, Sunraycer will deploy up to 2 GWp of Canadian Solar's latest high-efficiency solar modules, offering up to 85% bifaciality and 23.3% module efficiency. This collaboration aims to enhance grid stability and support Texas's clean energy transition.

Sunraycer's CEO, David Lillefloren, and e-STORAGE President, Colin Parkin, highlighted the importance of these projects for providing sustainable, clean, and affordable electricity to the grid.

Recurrent Energy, a Canadian Solar subsidiary, has signed a 10-year Power Purchase Agreement (PPA) with a major U.S. technology company for renewable energy from the Tordesillas solar PV project in Spain. The project, located in Valladolid, has an installed capacity of 300 MWp and is expected to be operational by 2026.

The project will generate approximately 620 GWh per year, powering 188,000 households and avoiding 161,000 tons of CO2 equivalent annually. Recurrent Energy plans to own and operate the facility upon completion. The company currently maintains a development pipeline in Spain exceeding 2 GW of solar projects and 60 MWh of battery energy storage.

Canadian Solar (NASDAQ: CSIQ) reported Q3 2024 financial results with $1.5 billion in net revenues and a 16.4% gross margin, above guidance of 14-16%. The company recorded a net loss of $14 million ($0.31 per diluted share). Key highlights include growing e-STORAGE contracted backlog to $3.2 billion and achieving final closing of BlackRock's $500 million investment in Recurrent Energy.

Total module shipments were 8.4 GW, up 2% quarter-over-quarter. The company maintained a strong cash position of $2.8 billion. Total debt increased to $5.4 billion as of September 30, 2024. The solar project development pipeline stands at 26.4 GWp, with 1.7 GWp under construction.

Canadian Solar (NASDAQ: CSIQ) announced it will hold a conference call on December 5, 2024, at 8:00 a.m. U.S. Eastern Time to discuss its third quarter 2024 results and business outlook. The call will be accessible via various toll-free and local dial-in numbers, including +1-877-704-4453 (U.S.), +852 800 965 561 (Hong Kong), and +86 400 120 2840 (Mainland China). The conference ID is 13750071. A live webcast will be available on Canadian Solar's investor relations website. A replay of the call will be available until December 19, 2024, and can be accessed by dialing +1-844-512-2921 (U.S.) or +1-412-317-6671 (international) with the replay pin 13750071. The webcast replay will also be available on the company's website.

Recurrent Energy, a Canadian Solar subsidiary, has signed two new 20-year tolling agreements with Arizona Public Service Company (APS) for the Desert Bloom Storage (600 MWh) and Papago Solar (150 MWac) projects in Maricopa County. These projects, combined with the previously announced 1,200 MWh Papago Storage project, will total 1,800 MWh of energy storage and 150 MWac of solar capacity. The facilities will power the equivalent of 72,000 homes for four hours (storage) and 24,000 homes annually (solar). Construction is scheduled to begin in 2025, with operations starting in 2026. The projects will support Arizona's growing energy needs and contribute to the state's goal of adding significant clean energy capacity by 2030.