First of\u00a0three projects\u00a0with APS now in operation, delivering flexible capacity to the grid
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KITCHENER, ON,\u00a0July 7, 2025\u00a0\/PRNewswire\/ —\u00a0Recurrent Energy<\/a>, a subsidiary of\u00a0Canadian Solar Inc.\u00a0<\/a>(“Canadian Solar”) (NASDAQ: CSIQ), and a leading global developer, owner, and operator of solar and energy storage assets, announced today that the 1,200 MWh Papago Storage facility in\u00a0Maricopa County, Arizona, has reached commercial operation. The project is now dispatching stored energy to\u00a0Arizona Public Service\u00a0(APS), the state’s largest electric utility, in time to help meet rising electricity demand during the summer season. Papago Storage is the first of three Recurrent Energy projects with tolling agreements in place with APS to become operational. Collectively, the three projects will provide 1,800 MWh of battery storage capacity and 150 MWac of solar generation. Once all are fully operational, they will store and deliver enough electricity to serve the equivalent of 72,000 homes for four hours, along with solar generation capacity sufficient to support approximately 24,000 homes annually. Derek Seaman, APS Director of Resource Acquisition<\/strong>, said, “Summer is here, and we are ready to serve APS customers with the energy they need when they need it. The Papago Storage project is part of our diverse and balanced energy mix, helping us continue to provide Arizona with top-tier reliability and affordable service.”<\/p>\n\n\n\n Kevin Thompson, Chair of the Arizona Corporation Commission<\/strong> noted, “I commend Recurrent Energy for completion of their 300MW Papago Energy Storage Project. Bringing online one of our state’s largest battery storage projects during this critical time when energy demand is growing rapidly will help our utilities execute an all-of-the-above response to that demand and further diversify Arizona’s energy resources.”<\/p>\n\n\n\n Arizona House Majority Leader\u00a0Michael Carbone<\/strong>\u00a0added, “I congratulate Recurrent Energy on this tremendous energy storage achievement. With our favorable business climate,\u00a0Arizona’s\u00a0economy is attracting development from all over the world, and we must provide the energy to accommodate this incredible growth.\u00a0The Papago Storage Project\u00a0will play an important role in\u00a0Arizona’s\u00a0energy future.” In addition to strengthening grid reliability, the project also contributes to the local community through tax revenues and direct support. Through its Community CaRE (Community and Renewable Energy) Program,\u00a0Recurrent Energy has donated to the\u00a0Harquahala Fire District\u00a0and\u00a0Arlington Elementary School\u00a0in\u00a0Maricopa County. Canadian Solar’s\u00a0majority-owned subsidiary, e-STORAGE, served as the turnkey engineering, procurement, and construction provider for the project and will continue to support Papago Storage under a long-term service agreement. Ismael Guerrero, CEO of Recurrent Energy<\/strong>, stated, “The commissioning of Papago Storage marks a major milestone in our collaboration with APS to strengthen\u00a0Arizona’s\u00a0energy infrastructure. We’re proud to deliver flexible capacity that meets the state’s growing energy needs and grateful for APS’s continued partnership. As we begin operations, we remain committed to building long-term value for the local community and our partners.” About Recurrent Energy<\/p>\n\n\n\n Recurrent Energy, a subsidiary of\u00a0Canadian Solar Inc.,<\/a>\u00a0is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms. With an industry-leading team of in-house energy experts, Recurrent Energy serves as\u00a0Canadian Solar’s\u00a0global development and power services business. To date, Recurrent Energy has successfully developed, built, and connected approximately 12 GWp of solar projects and\u00a06 GWh\u00a0of energy storage projects across six continents. As of\u00a0March 31, 2025, its global pipeline comprises approximately 25\u00a0GWp\u00a0of solar power and\u00a0over 69 GWh\u00a0of energy storage capacity, excluding\u00a0China. Additional details are available at\u00a0www.recurrentenergy.com<\/a>. About Canadian Solar<\/p>\n\n\n\n Canadian Solar\u00a0is one of the world’s largest solar technology and renewable energy companies. Founded in 2001 and headquartered in\u00a0Kitchener,\u00a0Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 24 years,\u00a0Canadian Solar\u00a0has successfully delivered\u00a0nearly\u00a0157\u00a0GW of\u00a0premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE,\u00a0Canadian Solar\u00a0has shipped over 11\u00a0GWh of battery energy storage solutions to global markets as of\u00a0March 31, 2025, boasting a\u00a0$3.2 billion\u00a0contracted backlog as of\u00a0March 31, 2025. Since entering the project development business in 2010,\u00a0Canadian Solar\u00a0has developed, built, and connected approximately\u00a012\u00a0GWp\u00a0of solar power projects and\u00a06 GWh\u00a0of battery energy storage projects globally. Its geographically diversified project development pipeline includes 27\u00a0GWp of solar and 76 GWh of battery energy storage capacity in various stages of development. Canadian Solar\u00a0is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006.\u00a0For additional information about the Company, follow\u00a0Canadian Solar\u00a0on\u00a0LinkedIn\u00a0<\/a>or visit\u00a0www.canadiansolar.com<\/a>. Safe Harbor\/Forward-Looking Statements<\/p>\n\n\n\n Certain statements in this press release, including those regarding the Company’s expected future shipment volumes, revenues, gross margins, and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the “Safe Harbor” provisions of the\u00a0U.S.\u00a0Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “may”, “will”, “expect”, “anticipate”, “future”, “ongoing”, “continue”, “intend”, “plan”, “potential”, “prospect”, “guidance”, “believe”, “estimate”, “is\/are likely to” or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks were described in the Company’s filings with the\u00a0Securities and Exchange Commission, including its annual report on Form 20-F filed on\u00a0April 30, 2025. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and\u00a0Canadian Solar\u00a0undertakes no duty to update such information, except as required under applicable law. Canadian Solar Inc.\u00a0Investor Relations Contact
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Wina Huang
Investor Relations
Canadian Solar Inc.\u00a0investor@canadiansolar.com<\/a>\u00a0
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