GUELPH, ON, Sept. 9, 2021 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or "the Company") (NASDAQ: CSIQ) today announced that its majority-owned subsidiary, CSI Solar Co., Ltd. ("CSI Solar") has closed a 350 MW / 1400 MWh contract to provide the fully-integrated battery storage system, EPC (engineering, procurement and construction) and long term maintenance service to the Crimson stand-alone battery storage project in Riverside County, California.
The Crimson storage project is 80% owned by Axium Infrastructure ("Axium") and 20% owned by Recurrent Energy, Canadian Solar's wholly-owned subsidiary. Crimson holds two approximately 15-year stand-alone storage contracts with local utilities Southern California Edison ("SCE") and Pacific Gas and Electric ("PG&E"), which are part of the California Public Utilities Commission's ("CPUC") reliability procurements.
CSI Solar will provide the fully-integrated battery solution, EPC and long-term operation services for the Crimson storage project. The integrated solution includes a fully bankable, lithium iron phosphate-based technology battery system. Equipment delivery and construction is expected to start soon and the project is expected to reach commercial operation by the summer of 2022. In addition, CSI Solar will support the battery storage system with 15-year service agreements as well as capacity and performance guarantees, ensuring system output, safety and reliability. The long term service agreement includes the operation and maintenance of the battery systems as well as their future augmentation services. The project will be augmented with planned additional installed battery capacity of approximately 300 MWh to be installed on regular frequencies over the 15-year term of the long term service contract.
"The Crimson storage project will help improve California's grid reliability and safety by providing critically-needed resource adequacy capacity. It will also support California's efforts to decarbonize its economy while creating jobs and fight climate change," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. "We are proud that Canadian Solar is not only developing the stand-alone Crimson storage project through Recurrent Energy, but also providing the technological solution and long term service agreement through CSI Solar, now also delivering full turnkey EPC battery solutions. We thank our partner Axium for their trust and support and look forward to further collaborating and executing on this massive project over the coming quarters."
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 59 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 6.1 GWp in over 20 countries across the world. Currently, the Company has around 400 MWp of projects in operation, nearly 6 GWp of projects under construction or in backlog (late-stage), and an additional 16 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.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including but not limited to the use of proceeds, 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; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 19, 2021. 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.
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