The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

UBS orders 2.6GWh of battery storage from Canadian Solar’s integrator subsidiary


CSI Solar, the system integration and manufacturing arm of Canadian Solar, has received an order for battery energy storage systems (BESS) from UBS Asset Management.

Vertically integrated solar PV company Canadian Solar made the announcement yesterday as it prepared to release its latest quarterly financials today.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The parent company said CSI Solar’s CSI Energy Storage division will supply “up to 2.6GWh” of battery storage systems for projects in North America for UBS Asset Management’s Real Estate and Private Markets business division.

Europe-headquartered UBS formed an Energy Storage Infrastructure team in 2021 to take on opportunities in the space. Earlier this year, the company bought 700MW of BESS projects in development in Texas’ ERCOT market, from Black Mountain Energy Storage (BMES), as reported by in August.

Readers will be interested to hear that Canadian Solar’s North American project development subsidiary Recurrent Energy, also bought projects from the same developer in ERCOT totalling 100MW/400MWh across two sites, shortly before UBS Asset Management did.

After the sale to Recurrent, BMES claimed it had sold 1,200MW/1,700MWh of ERCOT projects with due online dates in 2024 within two months, having also sold 400MW/600MWh to Cypress Creek Renewables within that timeframe.

The projects for which CSI Solar will supply full end-to-end turnkey BESS solutions are due online in 2024 and 2025. Locations and further details of projects were not disclosed in a Canadian Solar press release, but the company did say their primary application will be in ancillary services markets to help maintain grid stability.

The systems supplied will be CSI Energy Storage Solbanks. The CSI Solar ESS division launched the Solbank in September this year, targeting utility-scale applications and with Canadian Solar announcing at the same time that CSI’s energy storage manufacturing will finish ramping up from 2.5GWh to 10GWh annual production capacity by the end of 2023.

UBS has followed other major asset managers into the energy storage space, such as Blackrock and Goldman Sachs, which have both made investments and acquisitions into the sector in diverse geographies, although their early emphasis appears to broadly favour the US and Australian markets.’ publisher Solar Media will host the 5th Energy Storage Summit USA, 28-29 March 2023 in Austin, Texas. Featuring a packed programme of panels, presentations and fireside chats from industry leaders focusing on accelerating the market for energy storage across the country. For more information, go to the website.

12 November 2024
San Diego, USA
As we see more storage projects become operational, the big question is “how to maximize your assets?” This event will prepare the industry for the road ahead, looking at the core fundamentals of asset management, understanding operational challenges, along with the latest optimization and software development. You can expect to meet and network with all the key industry players from major US asset owners, operators, RTOs and ISOs, optimizers, software and analytics providers, technical consultancies, O&M technology providers and more.

Read Next

June 21, 2024
Rankings by EY of the most attractive markets for renewable energy investment include battery storage, with US, China and UK as frontrunners.
June 21, 2024
US-headquartered battery storage system integrator and manufacturer Powin has signed a multi-year, 15GWh deal for the supply of battery cells with China’s Eve Energy.
June 20, 2024
Recurrent Energy has closed US$513 million financing on a battery storage project in Arizona, US, which has a 20-year utility tolling agreement in place.
June 14, 2024
System integrator Stem Inc and developer Prometheus Power have deployed the first of three co-located BESS projects in Arizona for utilities in the AEPCO co-operative.
June 13, 2024
US$5 million will be made available for long-duration energy storage (LDES) projects via a competitive solicitation run by the New York State Energy Research and Development Authority (NYSERDA).

Most Popular

Email Newsletter