Benzinga | Jul 12, 2021 07:35AM EDT

Canadian Solar Scoops First Energy Storage Project In Colombia Of 45 MWh

* Canadian Solar Inc (NASDAQ:CSIQ) won the first utility-scale battery storage project in Colombia of 45 MW / 45 MWh.

* The financial terms of the order remain undisclosed.

* Located in northern Colombia's Barranquilla, the project will consist of a 45 MWh lithium-ion battery energy storage system and will likely reach commercial operation by June 2023.

* The project has a 15-year revenue structure with the Colombian government and is indexed to the country's inflation or producer price index.

* The project will strengthen the electricity transmission network in the Atl?ntico Department in northern Colombia, prevent future supply deficits and support greater penetration of renewable energy in the Colombian electricity system.

* Price action: CSIQ shares closed lower by 1.19% at $40.81 on Friday.