Canadian Solar Wins 45 MWh Energy Storage Project in Colombia

Canadian Solar Inc., a solar PV module manufacturer in Canada, has won its first-ever utility-scale battery storage project in Colombia with a capacity of 45 MWh.

The project was awarded in the public tender floated by Colombia’s Ministry of Energy and Mines via its affiliate UPME, the Mining, and Energy Planning Unit.

Located in the city of Barranquilla in northern Colombia, this project will consist of a 45 MWh lithium-ion battery energy storage system and is expected to reach commercial operation by June 2023. The project was granted with a 15-year revenue structure with the Colombian government and is indexed to the country’s inflation or producer price index.

The Barranquilla project will strengthen the electricity transmission network in the Atlántico Department in northern Colombia and support the government’s efforts to prevent future supply deficits. It will also support greater penetration of renewable energy in the Colombian electricity system by improving the reliability of intermittent sources of energy.

Speaking of the project’s development, “We are very proud to have won this project in the first pure storage tender in Colombia. This is also our first energy storage project in the country and the Latin America region. The project award is a testament to our global presence not just in solar but also in the energy storage business and further solidifies Canadian Solar’s position as a market leader in clean energy,” said Dr. Shawn Qu, Chairman & CEO of Canadian Solar.

In June this year, the solar module-maker announced that it had secured a Euro 50 million bilateral corporate facility with Banco Santander, S.A. The facility is meant to support growth at Canadian Solar’s Global Energy business as it executes and expands on its project development pipeline in Europe, Middle East, and Africa (EMEA) region and further expands the company’s sources of financing.

A short while, Canadian Solar released its financial results for the quarter ended March 31, 2021, reporting a 32% YoY increase in revenue and a net income of USD 23 million. In Q1 2021, the company’s solar module shipments were 3.1 GW, and its net revenue grew by 32% YoY and 5% QoQ to USD 1,089 million.