Canadian Solar's e-STORAGE to Deliver 1.8 GWh DC of Energy Storage Systems for Aypa Power in Key U.S. Markets

Rhea-AI Summary

Canadian Solar's (NASDAQ: CSIQ) e-STORAGE division has secured significant Battery Supply Agreements and Long-Term Service Agreements for two major U.S. energy storage projects with Aypa Power. The deals include:

• A 160 MW AC/806 MWh DC Battery Energy Storage System in California
• A 200 MW AC/998 MWh DC BESS in Texas

The projects will utilize approximately 370 SolBank 3.0 units, with construction scheduled to begin in Q3 2025. e-STORAGE will provide system maintenance and operations under a 20-year LTSA. The company's SolBank 3.0 solution features lithium-iron-phosphate battery technology, active balancing battery management, and advanced liquid cooling systems for enhanced safety and performance.

Positive

• Secured major contracts for 1.8 GWh DC of energy storage systems
• 20-year long-term service agreement ensures steady revenue stream
• Strategic expansion in key U.S. markets (California and Texas)
• Deployment of 370 proprietary SolBank 3.0 units

Negative

• Project execution risks with construction not starting until Q3 2025

KITCHENER, ON  , March 6, 2025 /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 Battery Supply Agreements and Long-Term Service Agreements (LTSA) for two major battery energy storage projects in the United States, developed by Aypa Power.

The agreements cover the supply and commissioning of a 160 MW AC/806 MWh DC Battery Energy Storage System (BESS) in California and a 200 MW AC/998 MWh DC BESS in Texas. The projects will deploy approximately 370  SolBank 3.0 units, with construction expected to commence in Q3 2025. Following commissioning, e-STORAGE will oversee system maintenance and operations under a 20-year LTSA, ensuring long-term performance and reliability.

These projects will strengthen grid resilience and support renewable energy integration in key U.S. markets. e-STORAGE, a Tier 1 global provider of energy storage solutions, will integrate its proprietary SolBank 3.0 battery energy storage solution, featuring lithium-iron-phosphate battery technology, an active balancing battery management system, and advanced liquid cooling to ensure safety and performance.

Colin Parkin, President of e-STORAGE, commented, "We are proud to support Aypa Power in delivering utility-scale energy storage projects that will play a pivotal role in enhancing grid flexibility and reliability. Our SolBank technology is designed to provide safe, high-performance energy storage solutions that meet the growing demands of the market. These projects highlight the increasing role of battery storage in stabilizing renewable energy supply, and we remain committed to driving innovation and delivering high-quality solutions that support a cleaner, more sustainable energy future."

About Canadian Solar Inc.

Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Ontario, Canada, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 23 years, Canadian Solar has successfully delivered around 142 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 8 GWh of battery energy storage solutions to global markets as of September 30, 2024, boasting a US$3.2 billion contracted backlog as of November 30, 2024. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 26 GWp of solar and 66 GWh of battery energy storage capacity in various stages of 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. Currently, e-STORAGE operates two fully automated, state-of-the-art manufacturing facilities with an annual battery production capacity of 20 GWh. For more info, please refer to the Media&PR section of www.csestorage.com and follow our LinkedIn page.

About Aypa Power

Aypa Power is a Blackstone portfolio company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects. As an independent power producer, Aypa was founded to reduce reliance on fossil fuels and make a positive impact in the fight against climate change, while improving grid reliability and resiliency. Aypa has been at the forefront of energy storage development since its first energy storage project came online in 2018. The company currently has more than 22 GW in development across North America. For more information, follow Aypa Power on LinkedIn or visit www.aypa.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 power and battery energy storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to global pandemics; supply chain disruptions; governmental support for the deployment of solar power and battery energy storage; future available supplies of silicon, solar wafers and lithium cells; 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 China, the U.S., Europe, Brazil and Japan; 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; the pipeline of projects and timelines related to them; the ability of the parties to optimize value of that pipeline; 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 the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 26, 2024. 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.

CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations Canadian Solar Inc.
investor@canadiansolar.com 

e-STORAGE MEDIA CONTACT
Simona Marginean
e-STORAGE Marketing Manager
simona.marginean@csestorage.com

AYPA MEDIA CONTACT
communications@aypa.com

 

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SOURCE Canadian Solar Inc.

FAQ

What is the total energy storage capacity of Canadian Solar's new CSIQ projects with Aypa Power?

The total capacity is 1.8 GWh DC, comprising an 806 MWh DC system in California and a 998 MWh DC system in Texas.

When will construction begin on Canadian Solar's (CSIQ) new battery storage projects?

Construction is expected to commence in Q3 2025.

How long is the maintenance agreement for CSIQ's battery storage systems with Aypa Power?

e-STORAGE will provide maintenance and operations under a 20-year Long-Term Service Agreement (LTSA).

What technology does Canadian Solar's SolBank 3.0 battery storage system use?

SolBank 3.0 uses lithium-iron-phosphate battery technology with active balancing battery management and advanced liquid cooling.