Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that CSI Energy Storage, which is part of its majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar"), has been selected to provide 487 MWh of SolBank energy storage products to Aypa Power, a Blackstone portfolio company that develops, owns and operates utility-scale energy storage and hybrid renewable energy projects across North America.
The energy storage products provided by CSI Energy Storage will be used to support Aypa Power's 487 MWh standalone energy storage project in Southern California. The standalone energy storage project is expected to be operational by the first half of 2024. The project will utilize CSI Energy Storage's SolBank, a proprietary battery energy storage solution designed and manufactured for utility-scale applications.
"We are excited to work with the CSI Energy Storage team and look forward to expanding our partnership," said Moe Hajabed, CEO of Aypa Power. "Our Cald project, located in urban Los Angeles, will provide critical reliable capacity and support California as the state continues to make major progress towards its renewable goals."
Since their first energy storage project came online in 2018, Aypa Power has been at the forefront of energy storage development. The company currently has more than 15 GW in development across North America.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, "Aypa Power has created a robust pipeline of energy storage projects that will help reliably transition the grid. CSI Energy Storage is delighted to provide SolBank battery energy storage solution to Aypa Power's 487 MWh standalone battery project in Southern California. We look forward to supporting Aypa Power's continued growth."
In September 2022, CSI Energy Storage launched SolBank, a proprietary designed and manufactured energy storage battery solution. At the same time, CSI Energy Storage also announced the expansion of its battery manufacturing capacity from the existing 2.5 GWh to 10 GWh by the end of 2023.
CSI Energy Storage has deployed around 2.3 GWh of battery energy storage solutions to date across the United States, Canada, the United Kingdom, and China. As of January 31, 2023, 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.