Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today (June 1) announced that CSI Energy Storage a subsidiary of its majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar"), has entered into an agreement to deliver 49.5MW/99MWh of turnkey battery energy storage solutions to a leading European specialist in solar energy development, production and storage, Cero Generation ("Cero"), and Enso Energy (Enso). Cero's 11 GW development portfolio is one of the largest in Europe, covering utility-scale solar as well as integrated energy storage solutions.
Cero, together with their UK development partner Enso, will utilize CSI Energy Storage's SolBank products for their 49.5MW/99MWh battery energy storage system, which is co-located with the Larks Green solar PV project in South Gloucestershire, United Kingdom. The Larks Green solar PV project is the UK's first transmission-connected solar farm. Also owned and operated by Cero and Enso, it was energized in May 2023.
CSI Energy Storage will also provide full commissioning and integration services for the projects, in addition to long-term operations and maintenance, warranties and performance guarantees. The projects covered by the agreement are expected to reach commercial operation in late 2024.
Marta Martinez Queimadelos, CEO of Cero Generation, said, "We're thrilled to have established a strong and long-term partnership with CSI Energy Storage through this project, which will be our first battery energy storage system to enter the construction phase. We're looking forward to growing this relationship as we commercialize our pipeline of energy storage projects across Europe."
Ian Harding, Director of Enso Energy, said: "At Enso Energy we are really pleased that we are now able to work with Canadian Solar to build upon the success of Larks Green being the first UK transmission connected solar farm. Adding Canadian Solar's battery energy storage systems at the site will further optimize the use of the land as well as the grid connection there and be able to provide the electricity grid with more of the flexibility it desperately needs to transition to net zero."
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, added, "We are proud to support Cero Generation as they develop the storage projects needed to support Britain's energy transition. To date, CSI Energy Storage has deployed around 2.7 GWh of battery energy storage solutions across the UK, U.S., Canada, and China, and has now executed agreements to deliver 739 MWh of energy storage solutions to projects throughout the UK."
As of March 31, 2023, CSI Energy Storage's total pipeline was 22.8 GWh.
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 22 years, Canadian Solar has successfully delivered around 94 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 8.8 GWp in over 20 countries across the world. Currently, the Company has approximately 609 MWp of projects in operation, 6.9 GWp of projects under construction or in backlog (late-stage), and an additional 17.7 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.
About Cero Generation
Cero Generation is a leading specialist in solar energy development, production and storage, accelerating the delivery of a net-zero future across Europe. Powered by an experienced team that brings world-class industry, commercial, engineering and environmental expertise to its projects, Cero is active through every stage of the lifecycle, from planning and construction to operation. It works closely with local development partners, suppliers and stakeholders to deliver high-impact projects that positively benefit the environment and community. Cero is an independent portfolio company of Macquarie Asset Management's Green Investment Group (GIG), operating on a stand-alone basis.
Media enquiries: [email protected]
About Enso Energy
Enso Energy is one of the UK's most experienced renewable energy developers, focused on developing renewable energy sites that drive the transition to net zero. Enso's team of experts have a deep understanding of the energy industry and how to meet the requirements of a fast-moving sector. With a background in large-scale renewable energy, the team have delivered over 1.2GW of renewable energy and storage projects since 2019.
Enso Energy believes that it is only with the support of the people most affected by renewable energy development that we can keep the lights on. That is why Enso's expert team is honest, considerate and diligent, with an ambition to use the latest solar and battery technology to make a positive impact on the country and the communities it works in. To find out more visit: https://www.ensoenergy.co.uk/
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.
David Pasquale
Global IR Partners
914-337-8801
CSI ENERGY STORAGE MEDIA INQUIRIES
Ally Copple
Innovant Public Relations
713-201-8800
