Canadian Solar's CSI Energy Storage secures 487 MWh battery supply agreement with Blackstone-backed Aypa Power

GUELPH, ON, Feb. 23, 2023 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that CSI Energy Storage, which is part of its majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar"), has been selected to provide 487 MWh of SolBank energy storage products to Aypa Power, a Blackstone portfolio company that develops, owns and operates utility-scale energy storage and hybrid renewable energy projects across North America.

The energy storage products provided by CSI Energy Storage will be used to support Aypa Power's 487 MWh standalone energy storage project in Southern California. The standalone energy storage project is expected to be operational by the first half of 2024. The project will utilize CSI Energy Storage's SolBank, a proprietary battery energy storage solution designed and manufactured for utility-scale applications. 

"We are excited to work with the CSI Energy Storage team and look forward to expanding our partnership," said Moe Hajabed, CEO of Aypa Power. "Our Cald project, located in urban Los Angeles, will provide critical reliable capacity and support California as the state continues to make major progress towards its renewable goals."

Since their first energy storage project came online in 2018, Aypa Power has been at the forefront of energy storage development. The company currently has more than 15 GW in development across North America.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, "Aypa Power has created a robust pipeline of energy storage projects that will help reliably transition the grid. CSI Energy Storage is delighted to provide SolBank battery energy storage solution to Aypa Power's 487 MWh standalone battery project in Southern California. We look forward to supporting Aypa Power's continued growth."

In September 2022, CSI Energy Storage launched SolBank, a proprietary designed and manufactured energy storage battery solution. At the same time, CSI Energy Storage also announced the expansion of its battery manufacturing capacity from the existing 2.5 GWh to 10 GWh by the end of 2023.

CSI Energy Storage has deployed around 2.3 GWh of battery energy storage solutions to date across the United States, Canada, the United Kingdom, and China. As of January 31, 2023, CSI Energy Storage's total pipeline has reached nearly 25 GWh. The Company offers end-to-end energy storage solutions and services, made possible by robust manufacturing capabilities and cutting-edge products such as the SolBank.

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 with the purpose of reducing reliance on fossil fuels and making 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 their first energy storage project came online in 2018. The company currently has more than 15GW in development across North America. For more information, follow Aypa Power on LinkedIn or visit www.aypa.com.

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 21 years, Canadian Solar has successfully delivered around 82 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 7 GWp in over 20 countries across the world. Currently, the Company has approximately 500 MWp of projects in operation, 6 GWp of projects under construction or in backlog (late-stage), and an additional 19 GWp of projects in advanced and early-stage pipeline. 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.

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 28, 2022, as amended on October 18, 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.
[email protected]

David Pasquale
Global IR Partners
914-337-8801
[email protected]

CSI Energy Storage Media Inquiries

Ally Copple
Innovant Public Relations
713-201-8800
[email protected]

Aypa Power Media Contact

[email protected]

SOURCE Canadian Solar Inc.