Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced it has entered the utility scale energy storage market in the United Kingdom after signing the agreements to provide integrated energy storage systems, and Engineering, Procurement and Construction (EPC) services for four battery storage projects. Pulse Clean Energy is the owner of the four projects of more than 100 MWh. The agreements mark the start of a long-term partnership between the companies.
In addition to providing the battery storage systems and construction services, Canadian Solar will maintain and operate the projects via a 10-year long-term service agreement (LTSA).
Canadian Solar's solutions will enable Pulse Clean Energy to optimize ancillary grid-services, enhance energy balancing capabilities, and capture multiple streams of revenue.
Dr. Shawn Qu, Canadian Solar Chairman and CEO, commented, "We are grateful to be selected by Pulse Clean Energy to construct its first battery storage projects. Over the past 3 years, we have built a track record of 2.5 GWh for energy storage in the United States. Now, customers in other markets are turning to us. Such partnerships in implementing energy storage strategies are instrumental to support the clean energy transition."
Trevor Wills, COO of Pulse Clean Energy, provided the following comment, "These projects mark the start of our battery conversion program in the UK. We previously acquired nine diesel generation sites, with a vision to decommission and repurpose these locations as grid-scale storage and energy optimisation assets." He added, "Battery storage has a critical role to play in energy system stability, and we are excited to be working with the team at Canadian Solar, which has a strong track record in deploying grid-scale renewable and energy storage technologies."
As of January 31, 2022, Canadian Solar's energy storage portfolio includes 300 MWh of projects under a long-term service agreement, 2,043 MWh of projects under construction and a remaining pipeline of over 4 GWh. Canadian Solar's Energy Storage Team continues to expand its regional footprint, executing storage projects and deploying resources in Canada, the United States, the United Kingdom, Australia, and China.
Source: Canadian Solar
Date: May 9, 2022
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