e-STORAGE and Sunraycer Announce 503 MWh Battery Energy Storage Projects in Texas

Canadian Solar (NASDAQ: CSIQ) announced that e-STORAGE and Sunraycer agreed to supply and service two standalone battery energy storage projects in Franklin County, Texas totaling 503 MWh DC (Lupinus 1: 202 MWh; Lupinus 2: 301 MWh).

Rhea-AI Summary

Canadian Solar (NASDAQ: CSIQ) announced that e-STORAGE and Sunraycer agreed to supply and service two standalone battery energy storage projects in Franklin County, Texas totaling 503 MWh DC (Lupinus 1: 202 MWh; Lupinus 2: 301 MWh).

Construction and commercial operation timelines span Q3 2026–Q3 2027, include 10 years of long-term services, SolBank 3.0 systems, and battery cells from Canadian Solar's global manufacturing network, targeting ERCOT grid stability and renewable integration.

Positive

• 503 MWh DC total battery capacity across two projects
• Lupinus 1: 202 MWh expected construction start Q1 2027 and commercial operation Q3 2027
• Lupinus 2: 301 MWh scheduled construction start Q3 2026 and commercial operation Q2 2027
• 10 years of long-term services committed for reliability and performance
• Use of SolBank 3.0 with cells from Canadian Solar's global manufacturing network

Negative

• None.

Argus Feb 5 session

-8.22% close to close Open Argus

Details

News Market Reaction – CSIQ

In the Feb 5 session, CSIQ declined 8.22%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -8.2% in the session following this news. A negative reaction despite growth-focused...

Analysis

The stock moved -8.2% in the session following this news. A negative reaction despite growth-focused storage news would fit a pattern where financing and strategic updates have not always driven sustained gains. The Lupinus projects add 503 MWh to the storage pipeline, but concerns around execution timelines, prior net losses, or recent convertible issuance could overshadow the headline. History of only modest reactions suggests sharp downside might reflect broader risk sentiment rather than this announcement alone.

Key Figures

Total storage capacity: 503 MWh DC Lupinus 1 capacity: 202 MWh Lupinus 2 capacity: 301 MWh +5 more

Total storage capacity

503 MWh DC

Two standalone battery energy storage projects in Franklin County, Texas

Lupinus 1 capacity

202 MWh

Lupinus 1 facility expected to begin construction in Q1 2027

Lupinus 2 capacity

301 MWh

Lupinus 2 facility scheduled to start construction in Q3 2026

Service term

10 years

Long-term services for SolBank 3.0 systems across the Lupinus projects

Share price

$20.68

Pre-news market context current price for CSIQ

Daily move

3.19%

Price change over prior 24 hours before this news

52-week range high

$34.59

52-week high; shares trade 40.21% below this level

52-week range low

$6.565

52-week low; shares are 215% above this level

Historical Context

5 past events · Latest: Jan 13

5 events

1. Jan 13

   Convertible notes closing

   24h Move

   +8.5%

   Closed US$230M 3.25% convertible senior notes due 2031, net US$223.1M.

2. Jan 09

   Convertible notes pricing

   24h Move

   -0.1%

   Priced US$200M 2031 convertibles with option for extra US$30M at 3.25%.

3. Jan 07

   Proposed notes offering

   24h Move

   -6.2%

   Announced proposed US$200M 2031 convertible notes for manufacturing, storage, solar.

4. Dec 24

   Leadership changes

   24h Move

   +1.8%

   Appointed Colin Parkin as President and Dylan Marx as COO to support expansion.

5. Dec 17

   Storage project win

   24h Move

   +0.5%

   e‑STORAGE to deliver 204 MW / 408 MWh BESS EPC project in South Australia.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

battery energy storage, ercot

2 terms

battery energy storage technical

"two standalone battery energy storage projects totaling 503 MWh DC in Franklin County"

A system that stores electrical energy in rechargeable batteries so power can be used later, like a large-scale rechargeable power bank for homes, businesses, or the electricity grid. It matters to investors because it helps smooth out supply and demand, lets operators sell power when prices are higher, backs up critical services during outages, and supports more renewable generation — all of which can create new revenue streams and reduce operational risk.

ercot technical

"grid stability within the ERCOT market, one of North America's fastest-growing"

The Electric Reliability Council of Texas (ERCOT) is the organization that operates and balances the bulk electric grid for most of Texas, acting like an air-traffic controller that matches electricity supply and demand across the state and runs the wholesale power market. Investors care because ERCOT’s decisions, grid reliability, and market prices directly affect the revenues, costs, and risk exposure of utilities, energy producers, large consumers, and companies whose operations depend on stable, affordable power.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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KITCHENER, ON, Feb. 5, 2026 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that e-STORAGE, its energy storage solutions business, and Sunraycer, a leading developer, owner, and operator of clean energy power sites, have entered into agreements for the supply and long-term servicing of two standalone battery energy storage projects totaling 503 MWh DC in Franklin County, Texas.

The projects, collectively referred to as the Lupinus projects, are being developed by Sunraycer. They comprise Lupinus 1, a 202 MWh facility expected to begin construction in Q1 2027 and reach commercial operation in Q3 2027, and Lupinus 2, a 301 MWh facility scheduled to start construction in Q3 2026 and achieve commercial operation in Q2 2027.

Under the agreements, e-STORAGE will deliver its SolBank 3.0 battery energy storage system and provide 10 years of long-term services, supporting system reliability, performance optimization, and availability throughout the project lifecycle. The battery cells integrated into SolBank 3.0 are manufactured within Canadian Solar's global manufacturing network, reinforcing supply chain resilience and long-term operational reliability at scale.

The Lupinus projects will play a vital role in supporting renewable energy integration and enhancing grid stability within the ERCOT market, one of North America's fastest-growing and most dynamic energy storage markets. This collaboration reflects both companies' shared commitment to deploying secure, scalable, and efficient energy storage solutions that enable a more flexible and resilient power grid.

David Lillefloren, CEO of Sunraycer, said: "Partnering with e-STORAGE on the Lupinus projects represents a significant step forward in Sunraycer's mission to advance sustainable energy infrastructure across Texas and beyond. These projects both strengthen the reliability of the ERCOT grid and underscore the critical role of battery storage in supporting the clean energy transition. Together with e-STORAGE, we're delivering long-term value to our communities and customers in Texas."

Colin Parkin, President of Canadian Solar and President of e-STORAGE, said: "We are pleased to partner with Sunraycer on the Lupinus projects in Texas. Building on our established collaboration, these systems will leverage our BESS technology and service platform to deliver long-term operational value and support the continued growth of reliable, utility-scale energy storage infrastructure across Texas."

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 170 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 16 GWh of battery energy storage solutions to global markets as of September 30, 2025, boasting a $3.1 billion contracted backlog as of October 31, 2025. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12 GWp of solar power projects and 6 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 25 GWp of solar and 81 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 fully automated, state-of-the-art manufacturing facilities with an annual battery energy storage system capacity of 15 GWh and battery cell capacity of 3 GWh, on a single-shift and double-shift annualized basis, respectively. For more info, please refer to the Media&PR section of www.csestorage.com and follow our LinkedIn page.

About Sunraycer

Sunraycer, a Crayhill Capital Management portfolio company, is a rapidly-growing, Annapolis, Maryland-based renewable energy platform that has a development and construction stage pipeline of approximately 2 GW of solar and 2 GW of BESS utility-scale power plants. Sunraycer provides pre-NTP and acquisition capital to developers involved in all types of renewable energy endeavors. Its goal is to streamline the complexities of development and eliminate financing challenges for the developer community. Sunraycer leverages enterprise-scale partnerships with proven industry leaders, as well as an experienced and driven in-house team of renewable energy experts, to accelerate the deployment of development-stage projects. For more information, please visit Sunraycer's website at https://sunraycer.com/ or follow Sunraycer on LinkedIn for the latest company news and events.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release, including those regarding the Company's expected future shipment volumes, revenues, gross margins, and project sales 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 "may", "will", "expect", "anticipate", "future", "ongoing", "continue", "intend", "plan", "potential", "prospect", "guidance", "believe", "estimate", "is/are likely to" or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks were described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 30, 2025. 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 

Sunraycer Media Inquiries
Jake Forrestal
Prosek Partners
pro-crayhill@prosek.com

 

View original content:https://www.prnewswire.com/news-releases/e-storage-and-sunraycer-announce-503-mwh-battery-energy-storage-projects-in-texas-302680281.html

SOURCE Canadian Solar Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the total capacity of the Lupinus battery projects announced by Canadian Solar (CSIQ)?

The Lupinus projects total 503 MWh DC of battery energy storage capacity. According to Canadian Solar, the build comprises Lupinus 1 at 202 MWh and Lupinus 2 at 301 MWh, intended to support grid stability in the ERCOT market.

When will construction and commercial operation occur for CSIQ's Lupinus 1 and Lupinus 2 projects?

Lupinus 1 is expected to begin construction in Q1 2027 and reach commercial operation in Q3 2027. According to Canadian Solar, Lupinus 2 is scheduled to start construction in Q3 2026 and operate commercially in Q2 2027.

What equipment and services will e-STORAGE provide for the CSIQ Lupinus projects?

e-STORAGE will deliver its SolBank 3.0 battery energy storage system and provide 10 years of long-term services. According to Canadian Solar, services cover reliability, performance optimization, and availability throughout the project lifecycle.

How do the Lupinus projects affect ERCOT and renewable integration according to CSIQ?

The projects are intended to support renewable integration and enhance grid stability in ERCOT. According to Canadian Solar, the standalone BESS deployments add flexibility and operational resilience to a fast-growing energy storage market.

Are the battery cells for CSIQ's SolBank 3.0 sourced from Canadian Solar's own manufacturing?

Yes — the battery cells integrated into SolBank 3.0 are manufactured within Canadian Solar's global manufacturing network. According to Canadian Solar, this reinforces supply chain resilience and long-term operational reliability at scale.