Canadian Solar’s CSI Solar Subsidiary Receives Approval for Proposed Listing by the Shanghai Stock Exchange

GUELPH, AT, December 13, 2021 /PRNewswire/ — Canadian Solar Inc. (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ), today announced that its majority subsidiary CSI Solar Co., Ltd. (“CSI Solar”) received approval for the proposed initial audience offer and listing of its shares by the Stock Exchange Commission of the science and Technology Innovation Council (“STAR Market”) of the Shanghai Stock Exchange.

on December 13, 2021, the scholarship committee of the STAR Market certain that CSI Solar had complied with the offering, listing and disclosure requirements with respect to its proposed STAR Market listing. As a next step, CSI Solar has to go through the registration process with the China Securities Regulatory Commission for it can do the . complete listing of its shares on the STAR market.

Dr Shawn Quo, chairman and CEO of Canadian Solar commented: “This is an important milestone for Canadian Solar and brings us another step closer to the planned STAR Market listing of our subsidiary CSI Solar. The listing will provide us with another platform to raise growth capital and enhance our industry-leading brand and production of modules to strengthen business.”

He added, “After the planned listing of CSI Solar on the STAR Market, Canadian solar energy will stay as majority and controlling shareholder of CSI Solar and sole owner of the Global Energy company, which develops solar and battery storage projects in more than 20 countries around the world. We remain strongly committed to our NASDAQ listing and expect long-term shareholders to share the growth benefits by CSI Solar’s planned STAR Market listing. We appreciate the ongoing efforts of the Shanghai Stock Exchange to open up its financial markets and welcome international foreign issuers such as Canadian Solar.”

The Company has completed the sale and transfer of CSI Solar’s China Energy business to the Global Energy business to avoid potential competition between the Company and its CSI Solar subsidiary. Therefore, the Chinese energy business will not be part of the planned STAR Market listing. The scope of the sale and transfer includes all: the solar energy project development and ownership company in China. At the end of the third quarter of 2021, the Chinese energy activities had a total solar project pipeline of 2.3 GWp, of which 300 MWp was in arrears (late phase), and 127 MWp of operational solar power plants. The sale and transfer is expected to become effective in late 2021 and Canadian Solar’s future segment reporting will reflect this change.

About Canadian Solar Inc.

Founded in 2001 in Canada, Canadian Solar is one of the world’s largest solar technology and renewable energy companies. It is a leading manufacturer of photovoltaic solar panels, supplier of solar energy and battery storage solutions, and developer of large-scale solar energy and battery storage projects with a geographically diversified pipeline at various stages of development. Over the past 20 years, Canadian Solar has successfully supplied more than 63 GW of top quality photovoltaic solar panels to customers around the world. Similarly, since the start of project development activities in 2010, Canadian Solar has developed, built and connected more than 6.2 GWp in more than 20 countries around the world. Currently, the company has approximately 430 MWp of solar projects in operation, nearly 7 GWp of projects under construction or in arrears (late stage), and a further 17 GWp of projects in pipeline (mid to early stage). Canadian Solar is one of the most profitable companies in the solar and renewable energy industry and has been listed on the 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 to be released forward-looking statements 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 US Private Securities Litigation Reform Act of 1995. In some cases, you may identify forward-looking statements by terms such as “believes”, “expects”, “anticipates”, “intentions”, “darling”, the negative of these terms, or other similar 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; government support for the deployment of solar energy; future available supplies of high purity silicon; consumer demand for end-use products and stock levels of such products in the supply chain; changes in demand from key customers; changes in demand from major markets such as Japan, US, India, China and Brazil; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; price pressure and declines in average selling prices; delays in the introduction of new products; delays in the approval process of large-scale projects; delays in building utility-scale projects; delays in the completion of project sales; delays in the qualification process to include CSI Solar’s subsidiary in the PRC; continued success in technological innovations and delivery of products with the features customers demand; shortage of material supply or capacity requirement; availability of financing; logistical challenges that could increase the company’s cost of sales; exchange rate fluctuations; dispute; possible start of an anti-circumvention investigation and other risks described in the Company’s SEC filings, including its Annual Report on Form 20-F, filed April 19, 2021. While the Company believes that the expectations reflected in the forward-looking statements are reasonable, it may does not guarantee future results, level of activity, performance or achievements. Investors should not place undue reliance on these forward-looking statements. All information 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 under applicable law.

Contacts Canadian Solar Inc.

SOURCE Canadian Solar Inc.

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