Canadian Solar’s Recurrent Energy Executes Sale of 17.5 MWp Solar Power Plant in Japan

GUELPH, ON, Sept. 28, 2023 /PRNewswire/ — Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) today announced that it has completed the sale of its 17.5 MWp Hiroshima Suzuhari operational project located in Hiroshima prefecture, to a private Japanese fund. The project had been owned by the Japan Green Infrastructure Fund ("JGIF") since 2021 and was financed through the issuance of a Green Project Bond with an investment grade rating. Importantly, it was certified with the highest Green 1 rating under the Japanese Green Bond guidelines. With this transaction, all projects acquired by JGIF will have been successfully sold in accordance with its business plan.

Canadian Solar expects to recognize the revenue from the transaction in the third quarter of 2023. Recurrent Energy's local subsidiary will continue to provide long-term operations and maintenance services for the plant after the transaction.

The Hiroshima Suzuhari solar project started commercial operation in Q2 2022. The project is Recurrent Energy's first project that was awarded feed-in-tariff ("FIT") through the inaugural solar auction program launched in Japan in Q4 2017. The project is powered with over 42,500 Canadian Solar high efficiency HiKu modules and the clean energy generated is being purchased by the Chugoku Electric Power Transmission & Distribution Co., Inc. at JPY17.97 (US$0.12) per kWh under Japan's FIT program for the remaining tenor of 17.5 years.

Ismael Guerrero, President and CEO of Recurrent Energy commented, "We are excited to announce the completion of the sale of our Hiroshima Suzuhari project through JGIF. Since we applied for Japan's first FIT auction back in 2017, our team demonstrated resilience and professionalism overcoming various challenges at different stages of the development cycle. The dedication by everyone in the team allowed us to develop the project from a piece of abandoned land to what it is today. This is another example of Recurrent Energy's strong execution capabilities in the global project development business. We will strive to build more PV and storage projects all over Japan, in order to deliver clean and sustainable energy to the country."

About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 22 years, Canadian Solar has successfully delivered over 102 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built, and connected over 9 GWp of solar power projects and over 3 GWh of battery storage projects across the world. Currently, the Company has approximately 700 MWp of solar power projects in operation, 8 GWp of projects under construction or in backlog (late-stage), and an additional 17 GWp of projects in advanced and early-stage pipeline. In addition, the Company has a total battery storage project development pipeline of 52 GWh, including approximately 2 GWh under construction or in backlog, and an additional 50 GWh at advanced and early-stage development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business, regulatory and economic conditions and the state of the solar and battery storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; supply chain disruptions; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets, such as Japan, the U.S., China, Brazil and Europe; changes in effective tax rates; changes in customer order patterns; changes in product mix; changes in corporate responsibility, especially environmental, social and governance ("ESG") requirements; capacity utilization; level of competition; pricing pressure and declines in or failure to timely adjust average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features that customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange and inflation rate fluctuations; uncertainties related to the CSI Solar carve-out listing; litigation and other risks as described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 18, 2023. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

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