Canadian Solar's e-STORAGE to Deliver 576 MWh DC of Energy Storage Systems for Strata Clean Energy's White Tank Battery Project in Arizona

Rhea-AI Summary

Canadian Solar's (NASDAQ: CSIQ) e-STORAGE division has secured a significant contract to provide a 576 MWh DC Battery Energy Storage System for Strata Clean Energy's White Tank Battery project in Arizona. The project, scheduled to begin construction in October 2026, will feature approximately 120 SolBank 3.0 battery enclosures.

The system will support Arizona Public Service (APS) by storing renewable energy during peak daylight hours for distribution during high-demand evening periods. e-STORAGE will handle supply, commissioning, and system operations under a 20-year Long-Term Service Agreement (LTSA), ensuring optimal performance and maintenance.

Positive

• Secured major 576 MWh DC battery storage contract in Arizona
• 20-year long-term service agreement ensuring steady revenue stream
• Strategic expansion in the growing U.S. energy storage market

Negative

• Project construction won't begin until October 2026, indicating delayed revenue recognition

News Market Reaction – CSIQ

-3.61%

1 alert

-3.61% News Effect

On the day this news was published, CSIQ declined 3.61%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

KITCHENER, ON, March 20, 2025 /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 signed a Battery Supply Agreement and Long-Term Service Agreement (LTSA) with Strata Clean Energy's White Tank Energy Storage LLC for a 100 MW / 576 MWh DC Battery Energy Storage System (BESS) in Arizona, USA. Construction is set to begin in October of 2026.

The White Tank Battery project, developed by Strata Clean Energy, will deliver stored renewable energy to Arizona Public Service (APS), enhancing grid reliability. Utilizing its proprietary SolBank 3.0 BESS technology, e-STORAGE, a Tier 1 global provider of energy storage solutions, will supply, commission, and oversee the long-term operation of the battery system.

e-STORAGE will provide approximately 120 SolBank 3.0 battery enclosures to the White Tank Battery project to help shift abundant renewable energy produced in the middle of the day to the early evening hours when customers need it most. Following commissioning, e-STORAGE will manage the system under a 20-year LTSA, ensuring optimized system performance, comprehensive monitoring and maintenance, and seamless integration with APS's energy grid.

Bob Schaffeld, President of Strata Clean Energy, commented, "Strata is pleased to announce the inclusion of e-STORAGE's flexible, turnkey solutions and service support in our White Tank energy storage project. Their commitment to performance excellence aligns perfectly with our mission to deliver only the best quality to our customers."

Colin Parkin, President of e-STORAGE, added, "We are proud to partner with Strata Clean Energy on the White Tank Battery project, which will play a crucial role in supporting Arizona's clean energy goals. Our SolBank technology is designed to deliver safe, high-performance energy storage solutions that meet the growing demand for reliable, dispatchable renewable energy. e-STORAGE remains committed to driving energy innovation and delivering best-in-class solutions for the U.S. market."

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 Ontario, Canada, 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 over 8 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.

About Strata Clean Energy

Strata Clean Energy, LLC, and its affiliates (collectively "Strata") are a vertically integrated solar and storage development, engineering, procurement, and construction (EPC) and operations & maintenance (O&M) company. Strata has deep utility experience with more than 180 projects in operation, over 6 GW of PV solar and 22 GWh of storage in development, and 3+ GW under O&M contracts across the United States. Strata is focused on delivering best-in-class projects by implementing industry-leading quality assurance standards throughout its operations, reducing risk, increasing efficiency, and maximizing cost-competitiveness for customers. Learn more about Strata Clean Energy by visiting http://www.stratacleanenergy.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 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.

CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations Canadian Solar Inc.
investor@canadiansolar.com 

e-STORAGE MEDIA CONTACT
Simona Marginean
e-STORAGE Marketing Manager
simona.marginean@csestorage.com

STRATA CLEAN ENERGY MEDIA CONTACT
Matt Marx
Director of Marketing
Matt.Marx@StrataCleanEnergy.com

View original content:https://www.prnewswire.com/news-releases/canadian-solars-e-storage-to-deliver-576-mwh-dc-of-energy-storage-systems-for-strata-clean-energys-white-tank-battery-project-in-arizona-302406897.html

SOURCE Canadian Solar Inc.

FAQ

What is the capacity of Canadian Solar's White Tank Battery project in Arizona?

The White Tank Battery project will have a capacity of 100 MW / 576 MWh DC, utilizing approximately 120 SolBank 3.0 battery enclosures.

When will construction begin on CSIQ's White Tank Battery storage project?

Construction is scheduled to begin in October 2026.

How long is the service agreement for Canadian Solar's White Tank Battery project?

e-STORAGE will manage the system under a 20-year Long-Term Service Agreement (LTSA).

What is the main purpose of CSIQ's White Tank Battery storage system in Arizona?

The system will store renewable energy produced during midday and distribute it during peak evening hours to support Arizona Public Service's grid reliability.