Canadian Solar's CSI Energy Storage Enters into 2.6 GWh Battery Supply Agreement with UBS Asset Management's Real Estate & Private Markets Business
Canadian Solar Inc. says that its majority-owned subsidiary, CSI Solar Co., Ltd., which is part of CSI Energy Storage, has been chosen to provide up to 2.6 GWh of battery solutions for the build-out of energy storage projects in North America that are being managed by UBS Asset Management's Real Estate & Private Markets business.
The battery solutions that CSI Energy Storage offers are an important part of UBS Asset Management's strategy for investing in energy storage. They are also a key part of the company's plan to expand its infrastructure business in the U.S. The multi-year agreement will support the ongoing expansion of its energy storage projects in North America. The projects are scheduled to reach commercial operation in 2024 and 2025.
Mark Saunders, Co-Head of Energy Storage Infrastructure, UBS Asset Management, commented, "Batteries with utility-scale applications are a critical component for the energy transition. We're pleased to be able to partner with a best-in-class provider to enable us to rapidly scale up our energy storage solutions and look forward to working alongside CSI Energy Storage to deliver benefits to all of our stakeholders."
The agreement covers energy storage projects that will use CSI Energy Storage's SolBank, which is a proprietary battery energy storage solution made for utility-scale applications. CSI Energy Storage will also provide full commissioning and integration services for the projects, in addition to long-term operations and maintenance, warranties, and performance guarantees.
When energy storage capacity is low, these projects will help meet a very important need. CSI Energy Storage's solution will respond to dispatch signals from grid operators and provide ancillary services to stabilise the grid, which will help avoid blackouts.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, "We are pleased to support UBS in the execution of their large energy storage pipeline throughout North America. Our proprietary battery storage product, SolBank, offers best-in-market product safety and cost competitiveness, and our agreement with UBS demonstrates our ability to attract top-tier investors and provide battery energy storage solutions at scale and on a timeline that our customers require. Energy storage is critical to the reliability of a rapidly decarbonising electric grid, and we will continue to partner with customers like UBS to make a difference in the energy transition."
CSI Energy Storage has deployed more than 2.4 GWh of battery energy storage solutions to date across the United States, Canada, the United Kingdom, and China. As of September 30, 2022, CSI Energy Storage's total pipeline has reached nearly 25 GWh. The company offers end-to-end energy storage solutions and services, made possible by robust manufacturing capabilities and cutting-edge products such as the SolBank.
Source: Canadian Solar