e-STORAGE to Deliver 420 MWh Battery Energy Storage System for Drax in the United Kingdom

Canadian Solar (NASDAQ: CSIQ) said e-STORAGE will deliver a total of 420 MWh AC of battery energy storage systems to Drax across two UK projects: 60 MW / 120 MWh AC at Marfleet and 150 MW / 300 MWh AC at Neilston.

Rhea-AI Summary

Canadian Solar (NASDAQ: CSIQ) said e-STORAGE will deliver a total of 420 MWh AC of battery energy storage systems to Drax across two UK projects: 60 MW / 120 MWh AC at Marfleet and 150 MW / 300 MWh AC at Neilston.

Installations start in Q3 2026 (Marfleet) and early 2027 (Neilston); supply includes SolBank 3.0 batteries and a long-term service agreement for operations, monitoring, maintenance, and performance analytics.

Positive

• 420 MWh AC total battery capacity contracted
• 60 MW / 120 MWh AC Marfleet and 150 MW / 300 MWh AC Neilston projects
• Supply plus long-term service agreement covering monitoring, maintenance, and analytics

Negative

• None.

Argus Mar 31 session

+6.70% close to close Open Argus

Details

News Market Reaction – CSIQ

On Mar 31, the day this news came out, CSIQ closed 6.70% above the previous close.

Data tracked by StockTitan Argus for the Mar 31 session.

Market Context

On Mar 31, the day this news came out, the stock closed 6.7% above the previous close. A strong posi...

Analysis

On Mar 31, the day this news came out, the stock closed 6.7% above the previous close. A strong positive reaction aligns with Canadian Solar’s strategy of expanding its e‑STORAGE business and adding contracted backlog. This UK deal adds 420 MWh across two projects, reinforcing prior wins such as the 500 MW / 2,493 MWh U.S. agreement. Historically, storage contracts have often supported constructive moves, though past earnings volatility and losses mean investors may still watch profitability and execution risk on these long‑dated projects.

Key Figures

Total storage capacity: 420 MWh AC Marfleet power rating: 60 MW Marfleet capacity: 120 MWh AC +5 more

Total storage capacity

420 MWh AC

Combined battery energy storage systems for Drax in the UK

Marfleet power rating

60 MW

Marfleet, England battery storage installation

Marfleet capacity

120 MWh AC

Marfleet battery energy storage system

Neilston power rating

150 MW

Neilston, Scotland battery storage installation

Neilston capacity

300 MWh AC

Neilston battery energy storage system

Marfleet install start

Q3 2026

Scheduled start of battery installations at Marfleet site

Neilston install start

Early 2027

Expected start of installations at Neilston project

Projects count

2 projects

Number of UK battery storage projects for Drax

Historical Context

5 past events · Latest: Mar 19

5 events

1. Mar 19

   Earnings results

   24h Move

   -26.9%

   Weak Q4 2025 results and net loss drove a sharp share price decline.

2. Mar 17

   Storage contract win

   24h Move

   +1.9%

   Large 500 MW / 2,493 MWh U.S. storage deal supported modest share gains.

3. Feb 24

   Asset sale

   24h Move

   +3.2%

   Sale of 200 MWh Fort Duncan storage project with revenue in Q1 2026.

4. Feb 19

   Earnings call notice

   24h Move

   +0.1%

   Scheduling of Q4 and full-year 2025 earnings conference call.

5. Feb 11

   New storage project

   24h Move

   -4.6%

   First grid‑connected Japan storage system announcement saw shares trade lower.

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 system, long-term service agreement

2 terms

battery energy storage system technical

"will deliver a total of 420 MWh AC of battery energy storage systems for Drax Group"

A battery energy storage system is a device that stores electricity for later use, much like a rechargeable battery for a phone or laptop. It allows energy generated during times of low demand or from renewable sources to be saved and released when needed, helping to balance supply and demand. For investors, it represents a way to support reliable energy flow and capitalize on the increasing demand for flexible, clean power solutions.

long-term service agreement financial

"operational services for the project under a long-term service agreement (LTSA)"

A long-term service agreement is a contract where one party commits to provide agreed services—such as maintenance, support or operations—over an extended period, often years. For investors it matters because these deals create predictable, recurring revenue and closer customer ties (think of a multi-year warranty or gym membership), which can stabilize cash flow, raise a company’s valuation and act as a barrier to competitors, though they may include penalties or renewal risks.

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

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KITCHENER, ON, March 31, 2026 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that e-STORAGE, its energy storage solutions business, will deliver a total of 420 MWh AC of battery energy storage systems for Drax Group ("Drax"), a leading UK renewable energy company, across two projects in the United Kingdom.

The projects include a 60 MW / 120 MWh AC installation in Marfleet, England, and a 150 MW / 300 MWh AC installation in Neilston, Scotland. Both projects are being developed by Apatura, a UK energy infrastructure company specializing in large-scale battery storage and enabling digital infrastructure. The projects have been acquired by Drax and will become part of Drax's FlexGen portfolio. Battery installations are scheduled to commence in the third quarter of 2026 at the Marfleet site, with the Neilston project expected to start installations in early 2027.

Under the agreements, e-STORAGE will supply a fully integrated and commissioned battery energy storage system, including its SolBank 3.0 energy storage batteries. e-STORAGE will also provide operational services for the project under a long-term service agreement (LTSA) covering monitoring, preventative maintenance, and performance analytics.

The combined system supply and long-term service support are designed to ensure consistent operational availability across the lifecycle of the asset. When operational, the systems will enhance grid flexibility in the region and support the integration of additional renewable generation into the UK electricity system.

Lee Dawes, Chief Operations Officer of Drax Group, said, "We are looking forward to working with e-STORAGE and Apatura on the development of these battery storage assets. This is our first investment in short-duration storage, and these assets will complement our existing generation portfolio. As the UK network increases its reliance on intermittent renewables, these batteries will provide secure power and help keep the lights on when the wind isn't blowing and the sun isn't shining."

Giles Hanglin, Chief Executive Officer of Apatura, stated, "Marfleet and Neilston represent important milestones in building the flexible, resilient energy infrastructure the UK needs to meet its decarbonization ambitions. By combining our development expertise with e-STORAGE's technology and Drax's operational capability, we are delivering assets that strengthen grid security and enable more renewable power to flow onto the system."

Colin Parkin, President of Canadian Solar and President of e-STORAGE, added, "This collaboration with Drax and Apatura reflects our shared commitment to advancing a more flexible and resilient energy system in the UK. Leveraging the strong foundation and operational expertise we have established in this market, we are dedicated to delivering reliable system performance and service excellence to customers across Europe."

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 25 years, Canadian Solar has successfully delivered over 174 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 18 GWh of battery energy storage solutions to global markets as of December 31, 2025, boasting a $3.6 billion contracted backlog as of March 13, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12 GWp of solar power projects and 6.2 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 83 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.

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
media@csestorage.com

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SOURCE Canadian Solar Inc.

FAQ

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

What capacity will Canadian Solar (CSIQ) deliver to Drax in the UK?

Canadian Solar will deliver 420 MWh AC of battery storage to Drax. According to Canadian Solar, this comprises 60 MW / 120 MWh AC at Marfleet and 150 MW / 300 MWh AC at Neilston.

When will the CSIQ-built Marfleet and Neilston battery installations begin?

Marfleet installations are scheduled to start in Q3 2026 and Neilston in early 2027. According to Canadian Solar, those are the planned commencement windows for on-site installation work.

What technology and services is e-STORAGE supplying for the Drax projects (CSIQ)?

e-STORAGE will supply fully integrated systems using SolBank 3.0 batteries and provide long-term operations services. According to Canadian Solar, services include monitoring, preventative maintenance, and performance analytics under an LTSA.

How will the CSIQ projects support the UK grid and Drax operations?

The battery systems will enhance grid flexibility and support renewable integration across the UK. According to Canadian Solar, the assets join Drax's FlexGen portfolio to help secure power when wind and solar are intermittent.

Who developed the Marfleet and Neilston projects now owned by Drax (CSIQ)?

Both projects were developed by Apatura and acquired by Drax; Canadian Solar's e-STORAGE will supply and service the assets. According to Canadian Solar, the collaboration combines Apatura development, e-STORAGE technology, and Drax operations.