Canadian Solar Ranks No.1 in Cumulative Capacity of Solar Projects Awarded in Japan's Solar Auction Program

GUELPH, ON, May 17, 2022 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar", "the Company") (NASDAQ: CSIQ) today announced that its wholly-owned subsidiary Canadian Solar Projects K.K. together with its owned special purpose vehicles (SPVs), topped the ranking of cumulative capacity of solar projects awarded under Japan's feed-in tariff (FIT) auction program since its launch in 2017, according to a latest research published by Clean Tech Lab, Nikkei BP Intelligence Group. Canadian Solar's cumulative successful bids of 180 MWac under the FIT auction program is nearly twice of that of the second ranked.

Canadian Solar entered the Japanese market more than a decade ago in both solar project development and solar module sales. The Company has executed on around 350 MWp solar projects in Japan since 2011 and has a backlog of 345 MWp, including 174 MWp under construction as of January 31, 2022. As one of the most well-known brands in Japan, Canadian Solar has delivered over 5.5 GW of high-quality modules to residential, commercial, and utility-scale customers since 2009.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar commented, "Our number one position in cumulative market share in Japan's FIT auction program demonstrates our competitiveness in that market. I would like to thank our team for their efforts and solid execution. We remain committed to the Japanese solar market, where we foresee a strong PPA demand. We will leverage our expertise and leadership in both project development and solar modules sales to provide more clean and safe renewable energy in Japan."

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 20 years, Canadian Solar has successfully delivered over 67 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 6.3 GWp in over 20 countries across the world. Currently, the Company has around 445 MWp of solar projects in operation, nearly 6 GWp of projects under construction or in backlog (late-stage), and an additional 18.6 GWp of projects in pipeline (mid- to early- stage). 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, including those regarding the Company's expected future shipment volumes, revenues, gross margins and project sales, and CSI Solar's forecast operating income and net profit, 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 and economic conditions and the state of the solar industry; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; 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 and Brazil; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in 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 rate fluctuations; litigation and other risks as described in the Company's filings with the Securities and Exchange Commission (the "SEC"), including its annual report on Form 20-F filed on April 28, 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.

Canadian Solar Inc. Investor Relations Contacts

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

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

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SOURCE Canadian Solar Inc.