Canadian Solar expects doubling of energy storage solutions business in 2022

• Canadian Solar delivered simply under 900MWh of battery storage in 2021, the first full year of its participation in the section, but expects to double that figure this year.

The vertically-integrated solar PV company's CSI Solar producing subsidiary shipped 896MWh of battery energy storage system (BESS) modern technology throughout last year, while the parent company made complete annual PV module shipments of 14.5 GW.

As reported by our sister site PV Tech recently from Canadian Solar's Q4 and also full-year 2021 monetary results, the company's gross margin was available in above issued assistance at 19.7% for the year, however CSI Solar saw margins come under pressure from spiralling material and logistics expenses that have impacted solar manufacturers across the board

Nevertheless, as chairman as well as CEO Dr Shawn Qu said, the battery business is expanding quick. The battery storage space solutions business added to "considerable growth" in Q4 profits year-on-year, at US$ 1.53 billion a 47% boost from Q4 2020.

Battery storage shipments for 2022 are led to be in the series of 1.8 GWh to 1.9 GWh, which is a rise on previously provided support of 1.4 GWh to 1.5 GWh.

" We will continue to buy technology and also upstream capacity and also expect to continue expanding our solar module market share. We are likewise thrilled by the considerable development and also speeding up growth of our battery storage space business, which is a big greenfield possibility for us," chief executive officer Shawn Qu said.

" Similar to our other markets, we plan to prosper by introducing innovative items, including our own battery storage space product, which we expect to launch in the coming quarters."

US$ 150 million elevated by Canadian Solar via a share offering late last year was said at the time to be mostly allocated for developing its battery storage solutions capabilities.

CSI Solar's system combination business wraps up full complete integrated BESS solutions complete with performance guarantees. Long-lasting O&M agreements offered along with the solutions produce an additional stable revenue stream, as well as chances to augment battery capacity at existing sites.

Since completion of January, CSI Solar had 300MWh of operational battery storage supplied under long-lasting service arrangement (LTSA) versions which produce recurring earnings. It had 2,043 MWh of tools deals for projects acquired or currently in building and construction and expected to be delivered within a year-and-a-half.

A further 390MWh of deals anticipated with a 75% or greater probability of being contracted for within a year and also rounding out the CSI Solar pipeline is an additional 3,619 MWh of project chances the business considered to have a less than 75% chance of converting into business but might go after.

A late-year 2021 emphasize for CSI Solar was the signing in November of a strategic teamwork framework agreement on alternative battery storage system tech technology with CATL, a globe leader in lithium battery production.

CSI Solar's incomes for battery storage solution sales were simply over US$ 222 million for 2021, up from US$ 7.9 million in 2020.

27GWh battery storage space growth pipe of chances

Canadian Solar proactively creates utility-scale solar PV as well as energy storage projects with its Global Energy business sector, consisting of standalone battery storage along with solar-plus-storage.

That stated, nearly all projects established throughout 2021 co-locate solar and battery storage, permitting the properties to share a grid interconnection factor-- frequently the most valuable piece of project growth realty for either modern technology.

The firm has actually signed various tolling agreements for using its battery storage projects in addition to development solutions contracts to retrofit existing solar PV plants with batteries.

All of the industrialized projects thus far are in North America, with an emphasis on the California market. Since the end of January 2022, Canadian Solar had 2,681 MWh of battery projects in building in the North America area. Nevertheless, 465MWh of its 841MWh backlog was in Latin America, 56MWh in the EMEA region, 20MWh in the Asia-Pacific area leaving out Japan and also China and also 300MWh in China.

During 2021 Canadian Solar sold on a 1.4 GWh battery storage space project as well as a pipe of 27GWh of advancement opportunities for storage space in addition to a 24GWp solar PV opportunity pipeline offered the Global Energy business division a "strong platform for growth," its head of state Ismael Guerrero said.