Canadian Solar's e-STORAGE Secures Contract To Provide Energy Storage Products To Arizona Project

Canadian Solar Inc CSIQ said e-STORAGE, a part of its majority-owned subsidiary CSI Solar, will provide 1,200 MWh (1,519 MWh DC nominal) of energy storage solutions.

Recurrent Energy's Papago Storage project in Arizona is the recipient of the storage solutions.

Recurrent Energy, also a wholly-owned subsidiary of Canadian Solar, is expected to begin construction on Papago Storage in the third quarter of 2024.

Papago Storage is expected to be one of the world's largest standalone energy storage projects and the largest standalone energy storage project in Arizona.

Papago Storage will utilize e-STORAGE's SolBank, a proprietary battery energy storage solution designed and manufactured for utility-scale applications.

e-STORAGE will also provide operations and maintenance services and performance guarantees under a 20-year long-term service agreement to the project. 

 As of July 2023, e-STORAGE has deployed more than 2.7 GWh of battery energy storage solutions across the U.S., Canada, the U.K, and China.

"Working with our partners at Recurrent Energy, we are pleased to expand into a new and growing market for energy storage and provide the much-needed flexible energy capacity to support a greener future for all," said Yan Zhuang, President of CSI Solar.

Price Action: CSIQ shares are trading lower by 0.85% at $31.45 on the last check Thursday.