Canadian Solar's e-STORAGE to Deliver 912 MWh of Energy Storage Solutions for Colbún's Diego de Almagro Sur Project in Chile
Rhea-AI Summary
Canadian Solar's (NASDAQ: CSIQ) e-STORAGE division has secured a contract with Colbún to provide a 228 MW/912 MWh Battery Energy Storage System (BESS) for the Diego de Almagro Sur project in Chile's Atacama Region. The project will utilize e-STORAGE's proprietary SolBank 3.0 technology, featuring lithium-iron-phosphate batteries with advanced cooling systems.
Construction is set to begin in June 2025, creating up to 150 jobs, with commercial operations expected by December 2026. The BESS will be co-located with Colbún's existing 232 MW solar park and 8 MW/32 MWh storage system. The new system will provide energy shifting, capacity contribution, and advanced grid services including grid forming, black start, and inertia support.
Positive
- Secured major 912 MWh energy storage contract in Chile
- Project strengthens market position in Latin America's energy storage sector
- Creates recurring revenue through long-term maintenance services
- Co-location with existing solar facility enables operational synergies
Negative
- Significant project execution risk with 18-month construction timeline
- Large capital investment required for project implementation
News Market Reaction – CSIQ
In the trading session that priced this news, CSIQ declined 0.38%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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The Diego de Almagro Sur BESS Project will utilize e-STORAGE's SolBank 3.0, a proprietary battery energy storage solution, featuring lithium-iron-phosphate battery technology, an active balancing battery management system, and an advanced liquid cooling system for superior performance and safety. e-STORAGE will also provide Colbún with a fully integrated solution that includes local project management, commissioning services, and long-term maintenance.
Construction is scheduled to begin in June 2025, generating up to 150 jobs at peak activity. The project is expected to reach commercial operation in December 2026. With enough capacity to cover the equivalent electricity consumption of 55,480 households, this storage system will be co-located with the 232 MW Diego de Almagro Sur Solar Park, which Colbún has been operating since 2022. The solar park currently includes an existing battery storage system with a capacity of 8 MW/32 MWh of storage.
Beyond providing energy shifting and capacity contribution, the Diego de Almagro Sur BESS Project will deliver advanced grid services—such as grid forming, black start, and inertia support—that are essential for integrating more renewables into
José Ignacio Escobar, CEO of Colbún, commented, "This agreement with e-STORAGE positions us as one of the leading companies in
Colin Parkin, President of e-STORAGE, added, "We are proud to support Colbún's bold vision of advancing
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 24 years, Canadian Solar has successfully delivered nearly 150 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 10 GWh of battery energy storage solutions to global markets as of December 31, 2024, boasting a US
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 Colbún
Colbún S.A. is a company with 38 years of experience in power generation and commercialization. It serves a portfolio of over 350 industrial clients and companies, employs nearly 1,200 people, and has an installed capacity of more than 5,000 MW through 29 power plants in
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
marketing@csisolar.com
COLBÚN MEDIA CONTACT
Liliana Orellana
Comunicaciones Colbún
lorellana@colbun.cl
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SOURCE Canadian Solar Inc.