CANADIAN SOLAR'S ENERGY STORAGE INTEGRATION UNIT SECURES 100 MWH EPC CONTRACT IN THE UNITED KINGDOM

Rhea-AI Summary

Canadian Solar Inc. (NASDAQ: CSIQ) has entered the UK utility-scale energy storage market by signing agreements with Pulse Clean Energy to provide integrated energy storage systems and EPC services for four battery storage projects exceeding 100 MWh. This long-term partnership includes a 10-year service agreement for project maintenance and operation. As of January 31, 2022, Canadian Solar has 300 MWh of projects under service agreements, 2,043 MWh under construction, and a pipeline of over 4 GWh in energy storage.

Positive

• Entering the UK energy storage market with four projects exceeding 100 MWh.
• Long-term service agreement for project maintenance and operation enhances revenue potential.
• Established a track record of 2.5 GWh for energy storage over the past three years.

Negative

• None.

GUELPH, ON, May 9, 2022 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced it has entered the utility scale energy storage market in the United Kingdom after signing the agreements to provide integrated energy storage systems, and Engineering, Procurement and Construction (EPC) services for four battery storage projects. Pulse Clean Energy is the owner of the four projects of more than 100 MWh. The agreements mark the start of a long-term partnership between the companies.

In addition to providing the battery storage systems and construction services, Canadian Solar will maintain and operate the projects via a 10-year long-term service agreement (LTSA).

Canadian Solar's solutions will enable Pulse Clean Energy to optimize ancillary grid-services, enhance energy balancing capabilities, and capture multiple streams of revenue.

Dr. Shawn Qu, Canadian Solar Chairman and CEO, commented, "We are grateful to be selected by Pulse Clean Energy to construct its first battery storage projects. Over the past 3 years, we have built a track record of 2.5 GWh for energy storage in the United States. Now, customers in other markets are turning to us. Such partnerships in implementing energy storage strategies are instrumental to support the clean energy transition."

Trevor Wills, COO of Pulse Clean Energy, provided the following comment, "These projects mark the start of our battery conversion program in the UK. We previously acquired nine diesel generation sites, with a vision to decommission and repurpose these locations as grid-scale storage and energy optimisation assets." He added, "Battery storage has a critical role to play in energy system stability, and we are excited to be working with the team at Canadian Solar, which has a strong track record in deploying grid-scale renewable and energy storage technologies."

As of January 31, 2022, Canadian Solar's energy storage portfolio includes 300 MWh of projects under a long-term service agreement, 2,043 MWh of projects under construction and a remaining pipeline of over 4 GWh. Canadian Solar's Energy Storage Team continues to expand its regional footprint, executing storage projects and deploying resources in Canada, the United States, the United Kingdom, Australia, and China.

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 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 20 years, Canadian Solar has successfully delivered over 67 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 6.3 GWp in over 20 countries across the world. Currently, the Company has around 445 MWp of solar projects in operation, nearly 6 GWp of projects under construction or in backlog (late-stage), and an additional 18.6 GWp of projects in pipeline (mid- to early- stage). 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 Pulse Clean Energy

Pulse Clean Energy is focused on investing in projects to support the transition to a zero-carbon energy system, by developing and operating grid-scale battery storage sites.  Pulse Clean Energy's purpose is to provide the balance and stability needed to ensure renewable energy technologies can thrive. Through innovation in energy storage and optimisation, Pulse is working to enable an energy network that runs entirely carbon free.  Find out more about Pulse Clean Energy at www.pulsecleanenergy.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 and economic conditions and the state of the solar industry; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; 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., India, China and Brazil; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in 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; delays in the process of qualifying to list the CSI Solar subsidiary in the PRC; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; logistical challenges that could increase the selling costs of the Company; exchange rate fluctuations; litigation; potential initiation of an anti-circumvention investigation and other risks as described in the Company's  filings with the Securities and Exchange Commission (the "SEC"), including its annual report on Form 20-F filed on April 28, 2022. 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
Tel: +1-914-337-8801
csiq@globalirpartners.com 

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SOURCE Canadian Solar Inc.

FAQ

What is the significance of Canadian Solar's new contracts in the UK market?

Canadian Solar's contracts mark its entry into the UK energy storage market, indicating growth potential and diversification of its service offerings.

How much energy storage capacity is involved in the recent Canadian Solar projects?

The projects involve over 100 MWh of energy storage capacity.

What is the duration of the service agreement for the new battery storage projects?

The service agreement for the maintenance and operation of the projects is set for 10 years.

What is Canadian Solar's experience in energy storage prior to this announcement?

Canadian Solar has a track record of 2.5 GWh in energy storage projects implemented in the United States over the past three years.

Who is the owner of the energy storage projects Canadian Solar is working on?

Pulse Clean Energy is the owner of the four battery storage projects.