Canadian Solar: 4 MW project
GUELPH, Ontario - Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, 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.
SOURCE: Canadian Solar Inc.
Ed Job, CFA, Director, Investor Relations, Canadian Solar Inc., email@example.com; David Pasquale,Global IR Partners, Tel: +1-914-337-8801,firstname.lastname@example.org