Canadian Solar Announces Commercial Operation of Three Solar Projects in Japan Totaling 42 MWp

GUELPH, ON, March 7, 2023 /PRNewswire/ -- Canadian Solar Inc. (the "Company," or "Canadian Solar") (NASDAQ: CSIQ) announced today that three of its solar power projects in Japan, Oita Kitsuki, Gunma Takasaki, and Yamaguchi Hofu, totaling 42 MWp, reached commercial operation in the first quarter of 2023.

All three projects are powered by Canadian Solar bifacial BiHiKu modules, and the energy generated is being purchased by grid operators in their respective areas under Japan's feed-in-tariff program for approximately 19 years at the rates of JPY32 (US$0.24), JPY14.49 (US$0.11), and JPY14.25 (US$0.10) per kWh. These projects together are set to produce circa 53,000 MWh of renewable energy, which will power approximately 15,000 households, equivalent to avoiding approximately 24,000 tons of annual carbon emissions.

"We are delighted to be part of the green transformation that Japan is going through with these additions to our portfolio. Our teams worked closely with the local communities and governments to bring these projects to fruition. Working closely with local community to cultivate a sustainable long-term relationship is one of our ESG sustainable development goals. Canadian Solar's Sustainability Report provides a detailed discussion on our ESG goals, targets and approaches." commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar.

Dr. Qu added, "The Oita Kitsuki project was our first project where we installed a Static Synchronous Compensator (STATCOM), a more challenging power quality requirement that will meaningfully help improve the grid's reliability given the growing number of interconnected solar farms. On the other hand, the Gunma Takasaki and Yamaguchi Hofu projects were awarded FITs via the solar auction held in 2018. Despite market doubts over the feasibility of building projects with JPY14 per kWh at the time of the auction, our team persisted and today has proved the ability to create value and build solar farms that will benefit both local communities as well as investors."

Dr. Qu went on saying, "These projects continue to expand Canadian Solar's strong track record in Japan as we keep developing our business in a sustainable and responsible manner and contributing to Japan's carbon neutrality goal. We now have over 518 MWp of utility-scale projects in operation or under construction, and two partnership platforms in Canadian Solar Infrastructure Fund (TSE: 9284) and Japan Green Infrastructure Fund. Our module manufacturing capability furthers our strengths and presence in Japan, as the brand is one of the most recognized in Japan. Our brand popularity is backed by our unparalleled project development track record, differentiated technology and large manufacturing scale. Today's milestones further solidify Canadian Solar's leadership position as the most integrated clean energy player with significant growth potential in the Japanese market."

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 21 years, Canadian Solar has successfully delivered around 82 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 7 GWp in over 20 countries across the world. Currently, the Company has approximately 500 MWp of projects in operation, 6 GWp of projects under construction or in backlog (late-stage), and an additional 19 GWp of projects in advanced and early-stage pipeline. 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 28, 2022, as amended on October 18, 2022. 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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