Canadian Solar's e-STORAGE to Deliver 226 MWh DC of Battery Storage Projects to ENGIE in the UK

Rhea-AI Summary

Canadian Solar Inc. (NASDAQ: CSIQ) announced its majority-owned e-STORAGE will deliver 226 MWh DC of turnkey energy storage solutions to ENGIE in the UK. The two energy storage projects, each with a capacity of 56.5 MW / 113 MWh DC, will be constructed in Cathkin and Broxburn, Scotland, UK. Both sites are scheduled to reach grid connection in early 2025. The projects will support more than 40,000 homes and play a significant role in facilitating the UK's transition to net zero emissions by 2050.

Positive

• e-STORAGE's partnership with ENGIE in the UK demonstrates the company's commitment to deploying clean, renewable technologies globally.
• The projects in Scotland will contribute to ENGIE's target of 10 GW of global battery storage by 2030, positioning the company as a leader in power flexibility in the UK.

Negative

• None.

GUELPH, ON, Dec. 6, 2023 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced its majority-owned e-STORAGE will deliver 226 MWh DC of turnkey energy storage solutions to ENGIE in the UK (Scotland). e-STORAGE will construct the two energy storage projects, each with a capacity of 56.5 MW / 113 MWh DC in Cathkin and Broxburn, Scotland, UK. Both sites will be connected to the 33 kV network and are scheduled to reach grid connection in early 2025.

e-STORAGE has signed an Engineering, Procurement, and Construction (EPC) agreement with ENGIE for the construction of both sites. The two BESS projects will employ SolBank, a proprietary containerized energy storage solution using robust and high-cycle capacity lithium-iron-phosphate (LFP) cells, active balancing battery management system (BMS) and efficient thermal management system (TMS). e-STORAGE's SolBank provides customers with superior performance at the highest levels of safety.

The Cathkin and Broxburn energy storage projects will support more than 40,000 homes and play a significant role in facilitating the UK's transition to net zero emissions by 2050.

Aidan Connolly, Head of ENGIE Battery Storage UK, commented, "ENGIE is looking forward to working with Canadian Solar's e-STORAGE on our Cathkin and Broxburn BESS projects in Scotland. Serving alongside ENGIE's 2.1 GW of existing UK pumped storage assets at Dinorwig and Ffestiniog, these projects will build upon ENGIE's position as a leader in power flexibility in the UK. ENGIE is targeting 10 GW of global battery storage by 2030 to help facilitate the energy transition, and these two Scottish projects are another step on this journey."                                                                    

Colin Parkin, President of e-STORAGE, commented, "We are very excited to work with ENGIE in the UK to implement these two projects at Broxburn and Cathkin. ENGIE continues to demonstrate its commitment to the deployment of clean, renewable technologies, globally and we are looking forward to supporting our established partnership with ENGIE as we progress in executing our targets to deploy multi-GW of energy storage into the progressive UK energy market in the next few years."

About Canadian Solar

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 storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 22 years, Canadian Solar has successfully delivered over 110 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 around 9.3 GWp of solar power projects and over 3 GWh of battery storage projects across the world. Currently, the Company has around 850 MWp of solar power projects in operation, 7.8 GWp of projects under construction or in backlog (late-stage), and an additional 18.7 GWp of projects in advanced and early-stage pipeline. In addition, the Company has a total battery storage project development pipeline of approximately 55 GWh, including approximately 5 GWh under construction or in backlog, and an additional 50 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.

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$2.6 billion of contracted backlog including contracted long-term services agreements as of November 14, 2023. To date, e-STORAGE has successfully implemented over 3.3 GWh DC of battery energy storage solutions in various locations, including the United States, Canada, the United Kingdom, and China. 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 10 GWh. e-STORAGE is fully equipped to continue providing high-quality, scalable energy storage solutions and contribute to the widespread adoption of clean energy. For additional information about e-STORAGE, please follow the LinkedIn page or visit www.csestorage.com.

ENGIE is a global reference in low-carbon energy and services. With its 96,000 employees, its customers, partners, and stakeholders, the Group is committed to accelerating the transition towards a carbon-neutral world, through reduced energy consumption and more environmentally friendly solutions. Inspired by its purpose ("raison d'être"), ENGIE reconciles economic performance with a positive impact on people and the planet, building on its key businesses (gas, renewable energy, services) to offer competitive solutions to its customers. Turnover in 2022: 93.9 billion Euros. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, Euronext 100, FTSE Euro 100, MSCI Europe) and non-financial indices (DJSI World, Euronext Vigeo Eiris -  Europe 120 / France 20, MSCI EMU ESG screened, MSCI EUROPE ESG Universal Select, Stoxx Europe 600  ESG-X). https://www.engie.com/en

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; uncertainties related to the CSI Solar carve-out listing; 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 18, 2023. 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 CONTACTS

Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

David Pasquale
Global IR Partners
914-337-8801
csiq@globalirpartners.com

e-STORAGE MEDIA INQUIRIES

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

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SOURCE Canadian Solar Inc.

FAQ

What is Canadian Solar Inc.'s latest project in the UK?

Canadian Solar Inc. (NASDAQ: CSIQ) will deliver 226 MWh DC of turnkey energy storage solutions to ENGIE in the UK, with two energy storage projects in Cathkin and Broxburn, Scotland, UK.

When are the energy storage projects expected to reach grid connection?

Both sites are scheduled to reach grid connection in early 2025.

How many homes will the projects support?

The Cathkin and Broxburn energy storage projects will support more than 40,000 homes in the UK.

What is e-STORAGE's SolBank?

e-STORAGE's SolBank is a proprietary containerized energy storage solution using robust and high-cycle capacity lithium-iron-phosphate (LFP) cells, active balancing battery management system (BMS) and efficient thermal management system (TMS).