Investment manager UBS Asset Management has selected renewable energy company Canadian Solar’s subsidiary CSI Energy Storage to supply up to 2.6 GWh of battery solutions for its portfolio of North American energy storage projects managed by its Real Estate & Private Markets arm.
As part of the multi-year arrangement, CSI Energy Storage will provide its proprietary SolBank battery energy storage solution for UBS’ portfolio of energy storage projects that are aimed at meeting the critical energy storage needs during capacity shortfalls.
"We are pleased to support UBS in the execution of their large energy storage pipeline throughout North America,” Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented. “Energy storage is critical to the reliability of a rapidly decarbonizing electric grid, and we will continue to partner with customers like UBS to make a difference in the energy transition."
CSI Energy will also offer full commissioning and integration services, long-term operations and maintenance, as well as warranties and performance guarantees for the projects. It will respond to dispatch signals from grid operators and provide ancillary services to stabilize the grid to help avoid blackouts.
The projects are scheduled to reach commercial operation in 2024 and 2025.
CSI Energy’s battery solutions are a highlighted part of UBS Asset Management's energy storage investment strategy and connect to the company strategic infrastructure business expansion in the U.S.