Canadian Solar said that its CSI Energy Solutions unit signed a 2.6 GWh battery supply agreement with UBS Asset Management’s North American Real Estate and Private Markets group.
The multi-year agreement will support the expansion of UBS’ expansion into the U.S. infrastructure market. The projects are scheduled for commercial operations in 2024-25.
Batteries under the agreement utilize CSI Energy’s SolBank utility-scale energy storage systems, in addition to full commissioning, operations and maintenance services.
CSI Energy Storage has deployed more than 2.4 GWh of lithium iron phosphate (LiFePO4) battery systems to date across the US, Canada, UK and China. As of September 30, CSI’s total pipeline was about 25 GWh.
Its systems carry a 20-year equipment warranty and performance guarantee and its modular design allows for peak load shaving, demand response and PV firming solutions in standalone and solar plus storage configurations. Systems are installed with thermal management systems.
CSI Energy Storage has been deployed in 11.6 MWh and 14 MWh trailer sized configurations with 2.9 MVA and 3.5 MVA (AC) of respective rated power capacity.
The August passing of the Inflation Reduction Act has spurred a ramp up in North American solar and energy storage agreements to be signed. Under the landmark bill, OEMs who can fulfill key “component” and “critical mineral” requirements will be awarded a $7,500 tax credit. In addition, a production tax credit of 10% for battery minerals and material processing and $35/kWh for cell manufacturers is included under the IRA’s advanced manufacturing production credit.
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