Canadian Solar to Supply 2 GWh Battery Energy Storage in Scotland

Core Viewpoint - Canadian Solar Inc. (CSIQ) has signed contracts with Copenhagen Infrastructure Partners (CIP) to supply 2 GWh of battery energy storage systems for projects in Scotland, with construction set to begin in 2027 [1][2]. Group 1: Company Developments - The 2 GWh capacity from the projects will power nearly 250,000 homes and displace approximately 4.57 million metric tons of CO2 emissions during their lifespan [2]. - CSIQ is expanding its footprint in Europe, as evidenced by the recent contracts with CIP and a previous announcement to supply 11 megawatt alternating current / 22 megawatt-hours battery energy storage solutions for Root-Power's Coryton project in the UK [4]. Group 2: Industry Trends - The energy storage market in Europe is projected to grow at a CAGR of 20.7% from 2024 to 2029, driven by the increasing adoption of clean energy [4]. - Other solar companies, such as Enphase Energy, SolarEdge Technologies, and Emeren Group, are also expanding in Europe to capitalize on the growing battery storage market [5]. Group 3: Competitor Insights - Enphase Energy is expanding its presence in Europe with strategic partnerships and product launches, including the IQ Battery 5P in Belgium and France, and has a long-term earnings growth rate of 3.6% [6]. - SolarEdge Technologies launched its first commercial storage system, the CSS-OD battery, in Germany, with a long-term earnings growth rate of 1.2% [7]. - Emeren Group closed the second round of its BESS portfolio in Sicily, Italy, with a combined capacity of 162 MW or around 1.4 GWh, and has a Zacks Consensus Estimate for 2025 sales indicating a 46.4% improvement from 2024 [8][9].