Canadian Solar's e-STORAGE to Deliver 960 MWh of Energy Storage Systems for Copenhagen Infrastructure Partners in Australia

Rhea-AI Summary

Canadian Solar's e-STORAGE division has secured a contract with Copenhagen Infrastructure Partners (CIP) to deliver 240 MW/960 MWh battery energy storage systems in Summerfield, South Australia. The project, set to begin construction in 2025, will be one of South Australia's largest battery storage initiatives.

e-STORAGE will provide turnkey EPC services, including the supply and integration of over 200 SolBank 3.0 battery containers. The company will also support long-term performance and operations under a service agreement. Located 55 kilometers east of Adelaide, the project will contribute to South Australia's goal of achieving 100% net renewable energy by 2027 by storing excess wind and solar energy for use during peak demand periods.

The project demonstrates e-STORAGE's growing presence in Australia, where it currently has over 1.5 GWh of Battery Energy Storage Systems (BESS) under construction.

Positive

• Secured major contract for 240 MW/960 MWh battery storage system
• Long-term service agreement ensures recurring revenue
• Project supports expansion in Australian market where company has 1.5 GWh under construction
• Strengthens position in growing renewable energy storage sector

Negative

• None.

Insights

Energy Storage Market Analyst

The 960 MWh energy storage contract with Copenhagen Infrastructure Partners marks a strategic advancement for Canadian Solar, significantly strengthening its position in the lucrative Australian energy storage market. This deal is particularly noteworthy as Australia's utility-scale battery storage sector is experiencing rapid growth, driven by the nation's aggressive renewable energy targets and grid stabilization needs.

The contract's scope, encompassing both EPC services and long-term operational management, represents a high-margin opportunity that could materially impact Canadian Solar's recurring revenue stream. With over 1.5 GWh of BESS projects already under construction in Australia, this additional 960 MWh project solidifies e-STORAGE's market leadership and demonstrates strong execution capabilities in a competitive landscape.

The selection of Canadian Solar's proprietary SolBank 3.0 technology by a sophisticated investor like CIP validates the company's R&D investments and could lead to additional contract wins in the region. The project's strategic location near Adelaide and its role in supporting South Australia's 100% renewable energy target by 2027 positions Canadian Solar to capture more opportunities as Australia accelerates its energy transition.

Renewable Infrastructure Specialist

The collaboration with Copenhagen Infrastructure Partners, one of the world's largest renewable energy infrastructure funds, represents a significant vote of confidence in Canadian Solar's technology and execution capabilities. CIP's selection of e-STORAGE for this landmark project could catalyze additional partnerships with institutional investors seeking bankable energy storage solutions.

The Summerfield project's strategic location in Murraylands, 55 kilometers east of Adelaide, is optimal for grid stabilization and renewable energy integration. This positioning allows for efficient storage of excess wind and solar generation, addressing South Australia's intermittency challenges while supporting the state's ambitious 100% renewable energy target.

The project's scale makes it one of South Australia's largest battery installations, demonstrating e-STORAGE's ability to deliver utility-scale solutions in a market where grid stability and renewable integration are paramount. This positions Canadian Solar advantageously against competitors in the rapidly expanding Australian energy storage sector.

KITCHENER, ON, Feb. 10, 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 contract with Copenhagen Infrastructure Partners ("CIP") through its fifth flagship fund Copenhagen Infrastructure V to deliver 240 MW/960 MWh battery energy storage systems in Summerfield, South Australia. Summerfield, expected to start construction in 2025, will be one of South Australia's largest battery energy storage projects.

e-STORAGE, a tier 1 global provider of energy storage solutions, will provide turnkey EPC services, supplying and integrating over 200 SolBank 3.0 battery containers. e-STORAGE will also support the long-term performance and operational management of the projects under a long-term service agreement with CIP. e-STORAGE has a strong and experienced project delivery team in Australia, with several BESS projects already delivered or under construction.

Located in Murraylands, 55 kilometers east of Adelaide near Mannum, the project will support the South Australian Government's target of 100% net renewable energy by 2027 by storing excess wind and solar energy generated during the day and supplying renewable power during peak demand periods.

Jørn Hammer, Partner and Head of Copenhagen Infrastructure Partners (CIP) Australia, said,

"This is a significant milestone for the Summerfield project and CIP's broader renewable energy pipeline in Australia. Australia needs large-scale battery energy storage solutions to stabilize the grid and deliver affordable power to homes and businesses when needed most. We are proud to work with Canadian Solar's e-STORAGE to support the South Australian Government's 100% renewable energy ambitions."  

Colin Parkin, President of e-STORAGE, added, "We are honored to be selected by Copenhagen Infrastructure Partners (CIP) for the Summerfield project, a testament to e-STORAGE's proprietary cutting-edge battery technology and our strong execution capabilities. This project will make a significant contribution to South Australia's target of 100% renewable electricity generation by 2027. With over 1.5 GWh of BESS under construction in Australia, e-STORAGE continues to establish itself as a leading product and service supplier in the region."

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 Copenhagen Infrastructure Partners

Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world's largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.

CIP manages 12 funds and has to date raised approximately EUR 31 billion for investments in energy and associated infrastructure from more than 180 international institutional investors. CIP has approximately 500 employees and 14 offices around the world. For more information, visit www.cip.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

CIP MEDIA CONTACT
Sophie Fitzpatrick
Vice President, Public Affairs
sfit@cisc.dk 

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SOURCE Canadian Solar Inc.

FAQ

What is the size of Canadian Solar's (CSIQ) new battery storage project in Australia?

The project will deliver 240 MW/960 MWh of battery energy storage systems in Summerfield, South Australia.

When will CSIQ's Summerfield battery storage project begin construction?

Construction of the Summerfield project is expected to start in 2025.

How many SolBank 3.0 battery containers will CSIQ supply for the Summerfield project?

e-STORAGE will supply and integrate over 200 SolBank 3.0 battery containers for the project.

What is the total BESS capacity under construction by CSIQ's e-STORAGE in Australia?

e-STORAGE currently has over 1.5 GWh of Battery Energy Storage Systems (BESS) under construction in Australia.

How does the Summerfield project align with South Australia's renewable energy goals?

The project supports South Australia's target of achieving 100% net renewable energy by 2027 by storing excess wind and solar energy for use during peak demand periods.