Canadian Solar completes the sale of two solar farms totaling 345 MWp in New South Wales, Australia

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GUELPH, ON, July 7, 2022 /PRNewswire/ — Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), announced today that it has completed the sale of two flagship solar farms, Suntop and Gunnedah, totaling 345 MWp in New South Wales, Australiato CalEnergy resources (Australia) Limited (“CalEnergy”), a subsidiary of Northern Powergrid Holdings Company.

Both projects have long-term offtake agreements with a leading global technology company and will help support the companies’ decarbonization efforts. The projects are nearing completion and are expected to generate over 700,000 MWh of green electricity per year. This is equivalent to avoiding more than 450,000 tonnes of CO2 equivalent emissions per year or removing around 100,000 cars from the road every year.

In addition to the sale of these projects, Canadian Solar and CalEnergy also entered into a multi-year development services agreement that provides a framework for the companies to continue working together to develop Canadian Solar’s growing renewable energy pipeline in Australia.

“We are delighted to work with CalEnergy in Australia develop their renewable energy portfolio. The sale of these projects in New South Wales paves the way for strong collaboration between our respective companies. In Australia, we have now brought seven development projects to the NTP (Notice of Prosecution) and beyond, and continue to develop and expand our multi-GW solar and storage pipeline. I look forward to continuing to contribute to australia decarbonization and renewable energy growth ambitions,” said Dr. Shawn Qu, President and CEO of Canadian Solar.

About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the largest solar technology and renewable energy companies in the world. It is a leading solar PV module manufacturer, solar power and battery storage solution provider, and developer of large-scale solar power and battery storage projects with a geographically diverse pipeline in various stages of development. Over the past 20 years, Canadian Solar has successfully delivered approximately 71 GW of premium quality solar PV modules to customers around the world. Similarly, since entering the project development business in 2010, Canadian Solar has developed, built and connected more than 6.6 GWp in more than 20 countries around the world. Currently, the Company has approximately 800 MWp of solar projects in operation, 5.3 GWp of projects under construction or behind schedule (advanced stage) and an additional 18.5 GWp of projects in progress (middle to early stage). Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been listed on NASDAQ since 2006. For more 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 pursuant to the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “believes”, “expects”, “anticipates”, “intends”, “estimates”, the negative form of these terms, or any other comparable terminology. Factors that could cause actual results to differ include general business, regulatory and economic conditions and the state of the solar storage and battery market and industry; geopolitical tensions and conflicts, including standoffs, sanctions and export controls; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; supply chain disruptions; government support for the deployment of solar energy; future available supplies of high purity silicon; consumer demand for end-use products and supply chain inventory levels of such products; changes in demand from major customers; the evolution of demand from the main markets such as JapanUnited States, China, Brazil and India; changes in effective tax rates; changes in customer ordering habits; changes in product range; changes in corporate responsibility, in particular environmental, social and governance (“ESG”) requirements; usability; level of competition; pricing pressure and declining or inability to timely adjust average selling prices; delays in the introduction of new products; delays in the approval process for large-scale projects; delays in the construction of large-scale projects; delays in completing project sales; the continued success of technological innovations and the delivery of products with features requested by customers; shortage of material supply or capacity needs; availability of funding; fluctuations in exchange rates and inflation; uncertainties related to CSI Solar’s exclusion list; 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. 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 noted, and Canadian Solar undertakes no obligation to update such information except as required by applicable law.

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SOURCE Canadian Solar Inc.

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