Canadian Solar's e-STORAGE to Deliver 1 GWh DC of Battery Storage Solutions to DEPCOM Power and Tucson Electric Power in Arizona

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Oct 26, 2023, 07:00 ET

GUELPH, ON, Oct. 26, 2023 /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 been awarded a supply and integration contract for 1 GWh DC of energy storage solutions for DEPCOM Power, Inc. and Tucson Electric Power (TEP) in Arizona.

e-STORAGE will deliver its proprietary energy storage solution SolBank to the Roadrunner Reserve System project that will be constructed by DEPCOM Power. The project has a rated capacity of 200 MW and a total storage capacity of 800 MWh AC. TEP will own and operate the project which will be the largest energy storage system on TEP's energy grid and among the largest in Arizona. Once operational, the energy storage project will serve up to approximately 42,000 homes for a four-hour duration. This marks the second significant project in Arizona for e-STORAGE, following the kick-off of the Papago Storage project (1,200 MWh / 1,519 MWh DC nominal) in August of 2023. The Papago project is scheduled to be in service in late 2024 and the Road Runner Reserve System project is scheduled to begin operations in the summer of 2025.

SolBank is designed to utilize the safest battery technology with LFP cells, highly efficient liquid cooling systems, and multi-level fire safety management systems, incorporating state-of-the-art monitoring and control systems and active cell balancing system to ensure safe operation and optimal product performance.

e-STORAGE has successfully implemented over 3.3 GWh DC of battery energy storage solutions across the United States, Canada, the United Kingdom, and China, and brought the total installed capacity and contracted pipeline to 12.4 GWh DC. This achievement solidifies e-STORAGE's position among the top industry players globally in energy storage integration. The company currently operates two fully automated, state-of-the-art, and industry-leading manufacturing facilities with an annual capacity of 10 GWh. With a skilled and experienced international team, e-STORAGE is committed to delivering high-quality, scalable energy storage solutions, furthering the adoption of clean energy.

"We have been very pleased with the SolBank solution from CSI Solar and look forward to implementing it as part of the Roadrunner Reserve System project," said Justin Bloch, President, Projects, DEPCOM Power. "Forward-thinking storage projects like this continue to add critical capacity to the grid, and we are proud to be part of TEP's path forward to balance energy supply and demand for Arizona residents."

"Battery energy storage systems that offer safe and reliable operation are key to Tucson Electric Power's expansion of clean energy resources. We're excited to work with DEPCOM Power and Canadian Solar to bring Roadrunner Reserve online for our community," said Eric Bronner, TEP Senior Director of System Integration and Operations.

Colin Parkin, President of e-STORAGE Business Group, commented: "We are excited to support DEPCOM Power and Tucson Electric in their efforts to build and operate the Roadrunner Reserve System project. This project will contribute to the great state of Arizona's growing solar energy capacity and aid the state in meeting surging electricity demand and energy reliability goals."

About Canadian Solar

Canadian Solar was founded in 2001 in Canada and has been listed on NASDAQ since 2006. It is now one of the world's largest solar technology and renewable energy companies. Canadian Solar 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 102 GW of premium-quality, solar photovoltaic modules and 3.3 GWh DC of battery storage products to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built, and connected over 9 GWp of solar power projects and over 3 GWh of battery storage projects across the world. Currently, the Company has approximately 700 MWp of solar power projects in operation, 8 GWp of projects under construction or in backlog (late-stage), and an additional 17 GWp of projects in advanced and early-stage pipeline. In addition, the Company has a total battery storage project development pipeline of 52 GWh, including approximately 2 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. 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. At the core of the e-STORAGE platform is SolBank, a self-manufactured, lithium-iron phosphate chemistry-based battery engineered for utility-scale applications. The Company offers end-to-end energy storage solutions and services, made possible by robust manufacturing capabilities and cutting-edge products. e-STORAGE currently operates two fully automated, state-of-the-art, and industry-leading manufacturing facilities with an annual capacity of more than 10 GWh. e-STORAGE has deployed more than 3.3 GWh DC of battery energy storage solutions across the United States, Canada, the United Kingdom, and China. 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.

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.
[email protected]

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

e-STORAGE MEDIA INQUIRIES

Simona Marginean
e-STORAGE Marketing Manager
[email protected]

SOURCE Canadian Solar Inc.