The Energy Storage Report 2024

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Canadian Solar kicks off ‘transition year’ with 18MWh of storage shipments in Q1

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Canadian Solar shipped just 18MWh of energy storage in the first three months of the year, while growing its contracted revenues for the segment to US$1.3 billion.

As reported by Energy-Storage.news, the PV module and energy storage manufacturer doubled its energy storage shipments to 1.79GWh last year but warned it may only match that this year, forecasting 1.8-2GWh for 2023.

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For a roundup of its PV results, the bulk of the business, see coverage from our sister site PV Tech here.

It has started the year slowly, with only 18MWh of shipments in the first quarter and no guidance for the current (second) quarter. It has, however, grown its contracted revenues for storage from US$1 billion at the start of the year to US$1.3 billion today, and the slow start to 2023 has been expected.

“As we previously communicated, the first half of 2023 is expected to be a relatively small contributor to our utility scale (energy storage) project deliveries as we transition from a white label third party product to our own manufactured proprietary battery storage product,” said Yan Zhuang, president of CSI Solar, its main division.

“From a development and execution standpoint, our team is preparing for a busy second half of the year led by deliveries of our SolBank product. The fact that lithium carbonite prices have fallen by over 60% since the peak in Q4 of last year is also a demand driver.”

This week, it secured a second large order for a US BESS project from developer Aypa Power.

The firm’s long-term pipeline of energy storage projects remains around 47GWh, with no significant change from how this figures breaks down when comparing to the full-year 2022 results covered here.

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