GUELPH, Ontario, November 10, 2014 /PRNewswire/ — Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc. will provide 4 megawatt (“MW”) / 2.76 megawatt/hour (“MWh”) of stationary on-grid bulk energy storage to Independent Electricity System Operator (“IESO”) to support the Ontario grid.
The 4 MW project will provide an energy storage solution for ancillary services applications in Ontario by leveraging Canadian Solar’s extensive project development expertise and success in the Canadian energy market. In addition, this project was one of twelve selected by IESO in a competitive application process that was completed in July 2014. Canadian Solar will be providing reactive power, voltage support and bulk energy storage services to the IESO using stationary lithium battery technology. Canadian Solar will provide operations and maintenance to IESO for a period of 36 months.
“We are pleased to have been selected by the IESO on their energy storage project within Ontario,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. “This marks a new milestone for Canadian Solar as we make further progress on our move forward from being a module manufacturer to becoming a total energy solution provider. We are now established as one of the industry’s fastest growing companies, with one of the largest project pipelines, while expanding our business model by adding bulk energy on-grid battery storage to our portfolio. We look forward to working with IESO in the years ahead,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
About Canadian Solar Inc.
Founded in 2001 in Ontario, Canada, Canadian Solar is one of the world’s largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has an industry leading and geographically diversified pipeline of utility-scale solar power projects as well as a track record of successful solar deployment boasting over 7 GW of premium quality modules installed in over 70 countries during the past decade. Canadian Solar is committed to providing high-quality solar products and solar energy solutions to customers around the world. For more information about our company, products and projects please visit www.canadiansolar.com.
The Independent Electricity System Operator (IESO) manages the province’s power system so that Ontarians receive power when and where they need it. Ontario’s IESO balances demand for electricity against available supply through the wholesale market and directs the flow of electricity across the transmission system. A not-for-profit entity established by the Government of Ontario, IESO fees and licences to operate are set by the Ontario Energy Board.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “believes,” “expects,” “anticipates,” “intends,” “estimates,” the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of solar grade silicon; demand for solar products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand in our project markets, including Canada, the U.S., Japan and China; changes in customer order patterns; capacity utilization; level of competition; pricing pressure and declines in average selling price; delays in new product introduction; continued success in technological innovations including its energy storage solution for ancillary services applications; ability to deliver products with the features customers demand; utility-scale project approval process delays; utility-scale project construction delays; utility-scale project cancelation due to failure to obtain all the necessary permits; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; trade protectionism in Europe, the U.S. and India; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 28, 2014. Although the Company believes that the expectations reflected in its forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.