Canadian Solar's CSIQ shares surge 4.47% on Monday as subsidiary Recurrent Energy announces commercial operation of its 1,200 MWh Papago Storage facility in Arizona.

Canadian Solar's (CSIQ) stock price jumped 4.47% on Monday following the commercial operation of its 1,200 MWh Papago Storage facility in Arizona. The facility is the first of three projects Recurrent Energy is developing for Arizona Public Service (APS) and will collectively provide 1,800 MWh of battery storage and 150 MWac of solar power. This project is seen as a critical step in meeting the state's rapidly growing energy needs.

Canadian Solar Inc. (NASDAQ: CSIQ) saw its stock price rise by 4.47% to $13.08 on Monday, following the commercial operation of its 1,200 MWh Papago Storage facility in Arizona. The facility, developed by Recurrent Energy, a subsidiary of Canadian Solar, is the first of three projects set to provide 1,800 MWh of battery storage and 150 MWac of solar power to Arizona Public Service (APS), the state's largest electric utility [1].

The Papago Storage facility, located in Maricopa County, Arizona, began supplying power to APS just in time for the summer's peak electricity demand. APS Director of Resource Acquisition, Derek Seaman, highlighted the project's significance, stating, "Summer is here, and we are ready to serve APS customers with the energy they need when they need it. The Papago Storage project is part of our diverse and balanced energy mix, helping us continue to provide Arizona with top-tier reliability" [1].

The project is seen as a critical step in meeting Arizona's rapidly growing energy needs. Kevin Thompson, Chair of the Arizona Corporation Commission, commended the project for its timely contribution to diversifying Arizona’s energy resources [1].

Canadian Solar's majority-owned subsidiary, e-STORAGE, provided the turnkey engineering and will manage the facility under a long-term service agreement [1]. The Papago Storage facility is the first of three projects Recurrent Energy is developing for APS, which will collectively provide 1,800 MWh of battery storage and 150 MWac of solar power. Once completed, these projects will be capable of powering the equivalent of 72,000 homes for four hours [1].

References:
[1] https://www.benzinga.com/trading-ideas/movers/25/07/46282248/canadian-solar-csiq-stock-jumps-monday-whats-powering-the-rally