Canadian Solar's e-STORAGE to Deliver 912 MWh of Energy Storage Solutions for Colbún's Diego de Almagro Sur Project in Chile
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.
La divisione e-STORAGE di Canadian Solar (NASDAQ: CSIQ) ha ottenuto un contratto con Colbún per fornire un sistema di accumulo energetico a batteria (BESS) da 228 MW/912 MWh per il progetto Diego de Almagro Sur nella Regione di Atacama, in Cile. Il progetto utilizzerà la tecnologia proprietaria SolBank 3.0 di e-STORAGE, che impiega batterie al litio-ferro-fosfato con sistemi di raffreddamento avanzati.
I lavori di costruzione inizieranno a giugno 2025, creando fino a 150 posti di lavoro, con l'avvio delle operazioni commerciali previsto per dicembre 2026. Il BESS sarà installato accanto all'attuale parco solare da 232 MW di Colbún e al sistema di accumulo da 8 MW/32 MWh. Il nuovo sistema offrirà servizi di spostamento energetico, contributo di capacità e servizi avanzati per la rete, inclusi formazione della rete, black start e supporto all'inerzia.
La división e-STORAGE de Canadian Solar (NASDAQ: CSIQ) ha asegurado un contrato con Colbún para suministrar un sistema de almacenamiento de energía en baterías (BESS) de 228 MW/912 MWh para el proyecto Diego de Almagro Sur en la Región de Atacama, Chile. El proyecto utilizará la tecnología propietaria SolBank 3.0 de e-STORAGE, que cuenta con baterías de litio-hierro-fosfato y sistemas avanzados de refrigeración.
La construcción comenzará en junio de 2025, generando hasta 150 empleos, y se espera que las operaciones comerciales inicien en diciembre de 2026. El BESS estará ubicado junto al parque solar existente de 232 MW de Colbún y al sistema de almacenamiento de 8 MW/32 MWh. El nuevo sistema proporcionará desplazamiento de energía, contribución de capacidad y servicios avanzados para la red, incluyendo formación de red, arranque en negro y soporte de inercia.
Canadian Solar의 (NASDAQ: CSIQ) e-STORAGE 부문이 칠레 아타카마 지역의 Diego de Almagro Sur 프로젝트를 위해 228 MW/912 MWh 배터리 에너지 저장 시스템(BESS) 계약을 Colbún과 체결했습니다. 이 프로젝트는 리튬 인산철 배터리와 첨단 냉각 시스템을 갖춘 e-STORAGE의 독자 기술인 SolBank 3.0을 활용합니다.
건설은 2025년 6월에 시작되어 최대 150개의 일자리를 창출하며, 상업 운영은 2026년 12월에 개시될 예정입니다. BESS는 Colbún의 기존 232 MW 태양광 발전소 및 8 MW/32 MWh 저장 시스템과 함께 위치할 예정입니다. 새로운 시스템은 에너지 전환, 용량 기여 및 그리드 형성, 블랙 스타트, 관성 지원 등 고급 그리드 서비스를 제공합니다.
La division e-STORAGE de Canadian Solar (NASDAQ : CSIQ) a obtenu un contrat avec Colbún pour fournir un système de stockage d'énergie par batterie (BESS) de 228 MW/912 MWh pour le projet Diego de Almagro Sur dans la région d'Atacama au Chili. Le projet utilisera la technologie propriétaire SolBank 3.0 d'e-STORAGE, équipée de batteries lithium-fer-phosphate avec des systèmes de refroidissement avancés.
La construction débutera en juin 2025, créant jusqu'à 150 emplois, avec une mise en service commerciale prévue pour décembre 2026. Le BESS sera coimplanté avec le parc solaire existant de 232 MW de Colbún et le système de stockage de 8 MW/32 MWh. Le nouveau système offrira des services de décalage énergétique, une contribution en capacité et des services avancés pour le réseau, notamment la formation de réseau, le démarrage à froid et le soutien à l'inertie.
Die e-STORAGE-Sparte von Canadian Solar (NASDAQ: CSIQ) hat einen Vertrag mit Colbún abgeschlossen, um ein 228 MW/912 MWh Batteriespeichersystem (BESS) für das Projekt Diego de Almagro Sur in der Region Atacama, Chile, bereitzustellen. Das Projekt wird die firmeneigene SolBank 3.0-Technologie von e-STORAGE verwenden, die Lithium-Eisen-Phosphat-Batterien mit fortschrittlichen Kühlsystemen beinhaltet.
Der Baubeginn ist für Juni 2025 geplant, mit bis zu 150 neuen Arbeitsplätzen, und der kommerzielle Betrieb soll bis Dezember 2026 aufgenommen werden. Das BESS wird neben dem bestehenden 232 MW Solarpark und dem 8 MW/32 MWh Speichersystem von Colbún errichtet. Das neue System wird Energiespeicherung, Kapazitätsbeitrag sowie fortschrittliche Netzservices wie Netzbildung, Black Start und Trägheitsunterstützung bieten.
- 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
- Significant project execution risk with 18-month construction timeline
- Large capital investment required for project implementation
Insights
Canadian Solar secures major 912 MWh battery storage contract in Chile, bolstering its position in high-growth energy storage market.
The 228 MW/912 MWh battery energy storage system (BESS) contract represents a significant expansion of Canadian Solar's energy storage business in Latin America. The scale of this project is substantial by industry standards, particularly as it will be co-located with Colbún's existing 232 MW Diego de Almagro Sur Solar Park, which currently only has a much smaller 8 MW/32 MWh storage system.
Canadian Solar's proprietary SolBank 3.0 technology deployment is noteworthy, featuring lithium-iron-phosphate chemistry, active balancing battery management, and advanced liquid cooling systems. These features address critical safety and performance concerns that utility-scale customers prioritize. The comprehensive scope of this deal extends beyond hardware to include project management, commissioning, and long-term maintenance services, creating a deeper customer relationship with Colbún, one of Chile's leading power generators.
What makes this technically significant is the advanced grid services functionality—including grid forming, black start, and inertia support—capabilities that traditionally came from conventional power plants. These features are increasingly valuable in grids with high renewable penetration like Chile's. The system's 912 MWh capacity (enough to power 55,480 households) represents a substantial energy shifting capability that will help manage solar intermittency issues and optimize the value of the adjacent solar facility.
Chile has positioned itself as a leader in Latin America's energy transition, and this project reinforces Canadian Solar's role in this growing market. The December 2026 completion timeline aligns with the accelerating need for storage solutions as renewable penetration increases across global electricity markets.
912 MWh energy storage contract with major Chilean utility strengthens Canadian Solar's diversification into higher-margin battery storage business.
This contract with Colbún marks an important business development for Canadian Solar's e-STORAGE division (part of its majority-owned subsidiary CSI Solar). While specific financial terms aren't disclosed, securing a 912 MWh battery energy storage system project demonstrates the company's ability to win substantial contracts in the competitive energy storage market. The comprehensive scope—including not just equipment but also commissioning, project management, and long-term maintenance—suggests a multi-year revenue stream rather than a one-time product sale.
The project's construction timeline (June 2025 to December 2026) indicates that related revenue recognition will occur primarily across these fiscal years. This contract helps build Canadian Solar's project backlog, providing improved revenue visibility for investors during a challenging period for the broader solar manufacturing sector where margin pressures have been significant.
Canadian Solar's strategic expansion beyond traditional solar panel manufacturing into higher-value integrated energy solutions is evident in this deal. The energy storage segment represents an important diversification effort as the company seeks to capture more value across the renewable energy value chain. For context, at $7.89 per share and a market cap of approximately $473 million, Canadian Solar has been trading at compressed valuations compared to historical levels.
Latin America represents a growth market for energy storage as countries like Chile integrate higher percentages of renewable energy, creating demand for grid balancing solutions. The relationship with Colbún, a major Chilean utility, could yield additional opportunities as the country continues its clean energy transition. This project will create approximately 150 local construction jobs at peak activity, demonstrating the socioeconomic benefits beyond the direct business impact.
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.
FAQ
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