KITCHENER, ON, Dec. 12,
2024 /PRNewswire/ -- Canadian Solar Inc. (the
"Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced
that it has executed three significant agreements with Sunraycer
Renewables LLC ("Sunraycer"), an Annapolis, Maryland-based renewable energy
platform. These include battery energy storage supply and
commissioning agreements for two projects in Texas, as well as the purchase of up to 2 GWp
of high-efficiency solar modules for various Sunraycer
projects.
Under the agreements, e-STORAGE, Canadian Solar's subsidiary
specializing in the design, manufacturing, and integration of
battery energy storage systems, will deliver 188 MWh DC to the Gaia
project, located in Navarro
County, and the 127 MWh DC Midpoint project in Hill County. Commissioning is scheduled for
the third quarter of 2025 for both projects.
Collectively, the two Texas energy storage projects will leverage
over 60 SolBank 3.0 battery containers. SolBank 3.0 is
e-STORAGE's latest proprietary energy storage solution, featuring
high-density lithium-iron-phosphate cells, advanced battery
management systems, and innovative liquid cooling thermal
management systems. The design of the durable Solbank solution
ensures the reliability and security required for large-scale
projects in the demanding Texas
environment.
Sunraycer's various upcoming projects will deploy up to 2 GWp of
Canadian Solar's latest high-efficiency solar modules, with power
outputs of up to 725 Wp. These modules offer up to 85% bifaciality
and 23.3% module efficiency, along with low power degradation and
high energy yield, effectively reducing the levelized cost of
energy (LCOE) and system cost.
David Lillefloren, CEO of
Sunraycer, commented, "As Sunraycer continues to grow and
evolve its portfolio and pipeline, we are thrilled to be working
with Canadian Solar as its preferred solar panel supplier for
Sunraycer's entire current portfolio and with e-STORAGE on
Sunraycer's initial tranche of energy storage
projects. Canadian Solar is a proven market leader in
renewable energy, and their equipment will help ensure Sunraycer is
executing on its mission of delivering solar and battery projects
that meet or exceed their performance goals while providing
sustainable, clean, and affordable electricity to the grid."
Colin Parkin, President of
e-STORAGE, stated, "We are excited to strengthen our
presence in Texas with the Gaia
and Midpoint projects. These two battery energy storage
installations represent a significant contribution to Texas's growing renewable energy
infrastructure, enhancing grid stability and supporting the state's
clean energy transition. With over 6 GWh of energy storage
solutions implemented or under construction across the U.S.,
e-STORAGE remains dedicated to delivering innovative,
high-performance energy storage systems that drive the integration
of renewables and ensure long-term grid reliability."
Thomas Koerner, Corporate
Senior Vice President of Canadian Solar, added, "We are proud
to work with Sunraycer on this up to 2 GWp multi-year partnership.
This agreement is a testament to our mutual commitment to
delivering and building high-quality solar and energy storage
capacity in Texas and underscores
Canadian Solar's ability to provide end-to-end solar generation and
energy storage system solutions. It is a privilege to work with
partners like Sunraycer, and we are grateful for the trust they
have placed in Canadian Solar."
About Sunraycer Renewables LLC
Sunraycer is a rapidly growing, Annapolis, Maryland-based renewable energy
platform that has a development and construction stage pipeline of
approximately 2 GW of solar and 2 GW of BESS utility-scale power
plants. Sunraycer provides pre-NTP and acquisition capital to
developers involved in all types of renewable energy endeavors. Its
goal is to streamline the complexities of development and eliminate
financing challenges for the developer community. Sunraycer
leverages enterprise-scale partnerships and relationships with
proven industry leaders, as well as an experienced and driven
in-house team of renewable energy experts, to accelerate the
deployment of development-stage projects. For more
information, please visit Sunraycer's website
at https://sunraycer.com/ or follow Sunraycer on LinkedIn
for the latest company news and events.
About Canadian Solar Inc.
Canadian Solar is one of the world's largest solar
technology and renewable energy companies. Founded in 2001 and
headquartered in Kitchener, Ontario, the Company is a leading manufacturer
of solar photovoltaic modules; provider of solar energy and battery
energy storage solutions; and developer, owner, and operator of
utility-scale solar power and battery energy storage projects. Over
the past 23 years, Canadian Solar has successfully
delivered around 142 GW of premium-quality, solar
photovoltaic modules to customers across the world. Through its
subsidiary e-STORAGE, Canadian Solar has shipped around
9 GWh of battery energy storage solutions to global
markets as of September 30, 2024, boasting a US$3.2
billion contracted backlog as of November 30, 2024. Since
entering the project development business in 2010, Canadian
Solar has developed, built, and connected approximately 11 GWp
of solar power projects and 3.7 GWh of battery energy storage
projects globally. Its geographically diversified project
development pipeline includes 26 GWp of solar and 66 GWh of battery
energy storage capacity in various stages of 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.
About e-STORAGE
e-STORAGE is a subsidiary of Canadian Solar and a leading
company specializing in designing, manufacturing, and integrating
battery energy storage systems for utility-scale applications.
e-STORAGE offers proprietary battery energy storage solutions,
comprehensive EPC services, and innovative solutions aimed at
improving grid operations. Currently, e-STORAGE operates two fully
automated, state-of-the-art manufacturing facilities with an annual
battery production capacity of 20 GWh. For more info, please refer
to the Media&PR section of www.csestorage.com and follow
our LinkedIn page.
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 power and battery energy storage
market and industry; geopolitical tensions and conflicts, including
impasses, sanctions and export controls; volatility, uncertainty,
delays and disruptions related to global pandemics; supply chain
disruptions; governmental support for the deployment of solar
power and battery energy storage; future available supplies of
silicon, solar wafers and lithium cells; 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 China,
the U.S., Europe, Brazil and Japan;
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;
the pipeline of projects and timelines related to them; the ability
of the parties to optimize value of that pipeline; 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; 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 26, 2024. 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.
SUNRAYCER MEDIA INQUIRIES
Josh Clarkson
Prosek Partners
jclarkson@prosek.com
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations Canadian Solar Inc.
investor@canadiansolar.com
e-STORAGE MEDIA INQUIRIES
Simona Marginean
e-STORAGE Marketing Manager
simona.marginean@csestorage.com
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SOURCE Canadian Solar Inc.