Canadian Solar Unites Global Energy Development and Services Under Recurrent Energy Brand

Rhea-AI Summary

On April 10, 2023, Canadian Solar (NASDAQ: CSIQ) announced the rebranding of its Global Energy subsidiary to Recurrent Energy, unifying its global development and services operations under this name. Recurrent Energy is now positioned as a leading player in utility-scale solar and energy storage project development, boasting a pipeline of 25 GWp for solar and 47 GWh for battery storage, with 14 GW and 12 GWh already interconnected as of January 31, 2023. The company also manages 6 GW of projects under operational maintenance contracts. Chairman and CEO, Dr. Shawn Qu, emphasized the importance of this rebranding in supporting the global transition toward a low-carbon grid.

Canadian Solar has a diverse project portfolio, including approximately 574 MWp of operational projects, 6.7 GWp under construction, and an additional 18 GWp in various pipeline stages. The company has delivered around 88 GW of solar modules globally since inception.

Positive

• Rebranding as Recurrent Energy unifies global development and services, enhancing brand recognition.
• Strong pipeline of 25 GWp in solar and 47 GWh in battery storage projects.
• 14 GW of solar and 12 GWh of battery storage already interconnected.
• 6 GW under operational maintenance contracts, bolstering revenue stability.
• Established leadership position as one of the largest utility-scale solar and energy storage developers.

Negative

• None.

GUELPH, ON, April 10, 2023 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announces the rebranding of its wholly owned Global Energy subsidiary as Recurrent Energy. Recurrent Energy, previously the Company's North American utility-scale solar and energy storage project developer, will now encompass all its global development and services businesses.

As a global development and services business, Recurrent Energy is one of the world's largest and most geographically diversified utility-scale solar and energy storage project development platforms, with a strong track record of originating, developing, financing, and building nearly 9 GWp of solar and 3 GWh of battery storage power plants across six continents. Recurrent Energy has established a leadership position in both solar and battery storage project development, with a total pipeline of 25 GWp in solar and 47 GWh in battery storage, of which 14 GW and 12 GWh respectively already have interconnections (as of January 31, 2023). In addition, Recurrent Energy's services business had 6 GW of projects under operations and maintenance contracts, either operational or contracted projects.

Dr. Shawn Qu, Chairman and CEO, Canadian Solar, commented, "Recurrent Energy has a strong brand and track record in clean energy project development and execution, having brought online some of the world's first and largest solar, solar plus storage and standalone energy storage projects. As Canadian Solar continues to make a difference by supporting the global transition towards a more reliable, lower-carbon grid, we are pleased to streamline our development and operations and maintenance services under the Recurrent Energy umbrella. Recurrent Energy is now unified in its global mission and growth."

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 around 88 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 around 8.8 GWp in over 20 countries across the world. Currently, the Company has approximately 574 MWp of projects in operation, 6.7 GWp of projects under construction or in backlog (late-stage), and an additional 18 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.

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

RECURRENT ENERGY MEDIA INQUIRIES

Ally Copple
Innovant Public Relations
+1-713-201-8800
Ally@InnovantPR.com

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SOURCE Canadian Solar Inc.

FAQ

What is the significance of Canadian Solar rebranding to Recurrent Energy?

The rebranding enhances global recognition and unifies Canadian Solar's development and services businesses under a singular, strong brand.

How much solar and battery storage capacity does Recurrent Energy have?

Recurrent Energy has a pipeline of 25 GWp in solar and 47 GWh in battery storage projects.

What are the current interconnected capacities of Recurrent Energy?

As of January 31, 2023, Recurrent Energy has 14 GW of solar and 12 GWh of battery storage interconnected.

How many projects does Recurrent Energy manage under operational maintenance contracts?

Recurrent Energy manages 6 GW of projects under operational maintenance contracts.

What is Canadian Solar's overall project portfolio status?

Canadian Solar has approximately 574 MWp operational, 6.7 GWp under construction, and 18 GWp in advanced and early-stage pipeline.