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Investing.com -- Canadian Solar Inc (NASDAQ:CSIQ) stock surged 8.8% in premarket trading Wednesday after the company announced its subsidiary e-STORAGE successfully completed a major battery storage project in Australia.
The company reported that e-STORAGE, part of its majority-owned subsidiary CSI Solar Co., Ltd., achieved commercial operation of the 220 MWh DC Mannum Battery Energy Storage Project in South Australia. The project, owned by Epic Energy and developed by Canadian Solar’s subsidiary Recurrent Energy, utilizes e-STORAGE’s proprietary SolBank technology.
Located alongside 46 MWp of solar farm capacity at the same site, the Mannum project represents a significant contribution to South Australia’s grid stability and supports the region’s target of achieving 100% renewable electricity generation by 2027.
"The commissioning of the Mannum grid-scale battery is an important milestone in our ongoing commitment to South Australia’s energy security, and we thank all our internal and external partners for successfully delivering this complex project," said Stephen Mudge, Interim Co-Chief Executive Officer of Epic Energy.
Under the arrangement, e-STORAGE served as the Engineering, Procurement, and Construction provider for the project and will continue supporting the project through a long-term service agreement. The company noted it currently has over 1.8 GWh of battery energy storage systems under construction in Australia.
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