Canadian Solar to Supply 2 GWh Battery Energy Storage in Scotland

Canadian Solar Inc. CSIQ recently announced that its e-STORAGE subsidiary has inked contracts with Copenhagen Infrastructure Partners (CIP) to supply 2 gigawatt-hours (GWh) of direct-current (DC) battery energy storage systems (BESS) for two significant projects in Scotland. Construction for both these projects is expected to begin in 2027.  The 2 GWh capacity expected from the projects will provide sufficient energy to power nearly 250,000 homes. These BESS sustain power to displace approximately 4.57 million metric tons of CO2 emissions during their lifespan.CSIQ’s Prospects in Europe’s Energy Storage Market The rapidly increasing adoption of clean energy is providing a competitive edge to the energy storage market. Consequently, nations are expanding their energy storage capacity to further boost their clean energy goals, with Europe being no exception.To this end, the Mordor Intelligence firm predicts that the BESS market in Europe will witness a CAGR of 20.7% between 2024 and 2029. Such a solid projection must have encouraged Canadian Solar to expand its footprint in this region, with the recently signed contracts with CIP being a bright example.Earlier in July 2024, the company announced that it would supply 11 megawatt alternating current / 22 megawatt-hours battery energy storage solutions for Root-Power's Coryton project in the UK.Prospects for CSIQ’s Peers Other prominent solar players, such as Enphase Energy ENPH, SolarEdge Technologies SEDG and Emeren Group SOL, are also expanding their footprint in Europe to reap the benefits of this region’s battery storage market.Enphase is actively working to capitalize on this growing market by expanding its presence in Europe through strategic partnerships and innovative product launches. The company introduced its IQ Battery 5P in Belgium and France in September and July of 2024, respectively.ENPH’s long-term (three to five years) earnings growth rate is 3.6%. The Zacks Consensus Estimate for 2025 sales implies an improvement of 27.7% from the 2024 estimated figure.SolarEdge has a strong presence in Europe, particularly in Germany, the United Kingdom and Switzerland. In December 2024, SEDG launched its first commercial storage system, the CSS-OD battery, in Germany. This new battery offers an integrated solar and storage solution that can be used both indoors and outdoors.SEDG has a long-term earnings growth rate of 1.2%. The Zacks Consensus Estimate for 2025 sales implies an improvement of 31.5% from the 2024 estimated figure.In December 2024, Emeren announced the closing of the second round of its BESS portfolio under the Development Service Agreement with Arpinge. The round contains two freestanding BESS projects in Sicily, Italy, with a combined capacity of 162 MW or around 1.4 GWh.The Zacks Consensus Estimate for SOL’s 2025 sales implies an improvement of 46.4% from the 2024 estimated figure. The Zacks Consensus Estimate for the company’s 2025 earnings per share is pegged at 29 cents, which indicates a massive rise of 193.3% from the 2024 estimated earnings.CSIQ Stock Price Movement In the past month, Canadian Solar shares have declined 0.3% compared with the industry’s fall of 3.4%.Image Source: Zacks Investment ResearchCSIQ’s Zacks Rank Canadian Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 228 positions with double- and triple-digit gains in 2023 alone.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Emeren Group Ltd. Sponsored ADR (SOL): Free Stock Analysis Report Canadian Solar Inc. (CSIQ): Free Stock Analysis Report Enphase Energy, Inc. (ENPH): Free Stock Analysis Report SolarEdge Technologies, Inc. (SEDG): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks