Canadian Solar Enters into Significant Supply Contracts During the 2023 U.S. RE+ Trade Show

Rhea-AI Summary

Canadian Solar finalizes 4 GWp solar module contracts at 2023 RE+ show, positive market response for TOPBiHiKu7 bifacial TOPCon module and EP Cube Lite

Positive

• Successful finalization of approximately 4 GWp of solar module contracts
• Positive market response for TOPBiHiKu7 bifacial TOPCon module and EP Cube Lite
• Hundreds of new system orders received during RE+

Negative

• None.

GUELPH, ON, Sept. 20, 2023 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) announced today that it has successfully finalized approximately 4 GWp of solar module contracts during the 2023 RE+ show in Las Vegas. The contracts are expected to be serviced by both its upcoming Texas factory and its expanded Thailand module factory.

"Our cost competitive TOPBiHiKu7 bifacial TOPCon module has received overwhelmingly positive market response as it gives project developers, EPC customers and investors the secure and long-term module supply they have been looking for. We are pleased to be the partner of choice for multiple key stakeholders," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.

In addition, the newly launched EP Cube Lite also received a positive market response, resulting in hundreds of new system orders during RE+. These orders include both stand-alone residential storage systems as well as full residential PV plus storage system packages, including high efficiency Canadian Solar residential PV modules.

The EP Cube Lite allows homeowners to lower their electricity bills by shifting the use of lower-cost daytime energy to the evening when rates are typically higher.

"Canadian Solar is one of the few companies capable providing a fully integrated, self-developed and self-manufactured PV module and energy storage system solutions for residential, commercial and utility scale applications. This gives us a significant competitive advantage over many single component offerings in the market," added Dr. Qu.

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.

CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACTS

Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

David Pasquale
Global IR Partners
+1 914-337-8801
csiq@globalirpartners.com

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SOURCE Canadian Solar Inc.