Canadian Solar Inc. today announced that CSI Energy Storage, which is part of its majority-owned subsidiary CSI Solar Co., Ltd., has been selected to provide up to 2.6 GWh of battery solutions for the build-out of energy storage projects managed by UBS Asset Management's Real Estate & Private Markets business in North America.
The battery solutions provided by CSI Energy Storage are central to UBS Asset Management's energy storage investment strategy and part of the strategic expansion of its infrastructure business in the U.S. The multi-year agreement will support the ongoing expansion of its energy storage projects pipeline 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 application 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 energy storage projects covered in the agreement will utilize CSI Energy Storage's SolBank, a proprietary battery energy storage solution designed and manufactured 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.
These storage projects will help meet a critical need for energy storage during capacity shortfalls. CSI Energy Storage's solution will respond to dispatch signals from grid operators and provide ancillary services to stabilize the grid that 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 decarbonizing 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.