Canadian Solar: Canadian Solar’s CSI Solar To Provide The Fully-Integrated Battery Storage System, EPC AND Long Term Services To The 1.4 GWH Crimson Project

Canadian Solar Inc. (“Canadian Solar” or “the Company”) (NASDAQ: CSIQ) today announced that its majority-owned subsidiary, CSI Solar Co., Ltd. (“CSI Solar”) has closed a 350 MW / 1400 MWh contract to provide the fully-integrated battery storage system, EPC (engineering, procurement and construction) and long term maintenance service to the Crimson stand-alone battery storage project in Riverside County, California.

The Crimson storage project is 80% owned by Axium Infrastructure (“Axium”) and 20% owned by Recurrent Energy, Canadian Solar’s wholly-owned subsidiary. Crimson holds two approximately 15-year stand-alone storage contracts with local utilities Southern California Edison (“SCE”) and Pacific Gas and Electric (“PG&E”), which are part of the California Public Utilities Commission’s (“CPUC”) reliability procurements.

CSI Solar will provide the fully-integrated battery solution, EPC and long-term operation services for the Crimson storage project. The integrated solution includes a fully bankable, lithium iron phosphate-based technology battery system. Equipment delivery and construction is expected to start soon and the project is expected to reach commercial operation by the summer of 2022. In addition, CSI Solar will support the battery storage system with 15-year service agreements as well as capacity and performance guarantees, ensuring system output, safety and reliability. The long term service agreement includes the operation and maintenance of the battery systems as well as their future augmentation services. The project will be augmented with planned additional installed battery capacity of approximately 300 MWh to be installed on regular frequencies over the 15-year term of the long term service contract.

“The Crimson storage project will help improve California’s grid reliability and safety by providing critically-needed resource adequacy capacity. It will also support California’s efforts to decarbonize its economy while creating jobs and fight climate change,” said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. “We are proud that Canadian Solar is not only developing the stand-alone Crimson storage project through Recurrent Energy, but also providing the technological solution and long term service agreement through CSI Solar, now also delivering full turnkey EPC battery solutions. We thank our partner Axium for their trust and support and look forward to further collaborating and executing on this massive project over the coming quarters.”