Canadian Solar (CSIQ) Secures 193 MW of BESS Projects in Japan's Inaugural Long-term Decarbonization Power Source Auction

Canadian Solar Inc. (NASDAQ: CSIQ) announced today that it has won three battery energy storage system ("BESS") projects, totaling 193 MW, in Japan's first Long-Term Decarbonization Power Source Auction ("LTDA"). The winners of this auction were announced on April 26, 2024, with the Company securing a 13.3% of the total awarded energy storage projects.

Canadian Solar will enter into Capacity Reserve Agreements ("CRA") with the Organization for Cross-regional Coordination of Transmission Operators ("OCCTO"). These energy storage projects will provide capacity over a 20-year period, in return for Capacity Reserve Payments to offset fixed storage system costs.

Located in Aomori, Fukushima, and Yamaguchi prefectures respectively, the three projects are expected to commence commercial operations between 2027 to 2028 and will feature the recently launched SolBank 3.0 system from e-STORAGE, a subsidiary CSI Solar Co., Ltd.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, "Our remarkable achievement in Japan's inaugural LTDA underscores our strong position in energy storage market in Japan. Since launching our PV operations in 2009, we have been at the forefront of the industry. Now, we have also established ourselves in the energy storage market. The introduction of our SolBank 3.0 system has been pivotal, providing us with an edge in competitive market. As of January 31, 2024, our project development pipeline in Japan totaled 1.376 GWh and 213 MWp for energy storage and solar respectively. With the LTDA's support and increasing demand from corporate buyers, we anticipate continued growth in Japan. We remain committed to advancing both BESS and PV projects, supporting Japan's goal of achieving carbon neutrality by 2050."

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