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Canadian Solar's Recurrent Energy Executes Sale of 100 MWp Solar Power Plant in Japan

Canadian Solar's Recurrent Energy Executes Sale of 100 MWp Solar Power Plant in Japan

GUELPH, ON, May 31, 2023 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) today announces that it has completed the sale of its Japan flagship mega-project, the 100 MWp Azuma Kofuji solar project located in Fukushima prefecture to Japanese investors arranged by Mizuho Securities Co., Ltd ("Mizuho Fund").

Canadian Solar expects to recognize the revenue from the transaction in the second quarter of 2023. Recurrent Energy's local subsidiary will continue to provide long term operations and maintenance services for the plant after the transaction.

The Azuma Kofuji solar project started commercial operation in Q3 2022. The project is Canadian Solar's largest project in Japan and Fukushima prefecture's largest operational solar project to date. The project is powered with Canadian Solar high efficiency HiKu modules and the clean energy generated is being purchased by the Tohoku Electric Power Company at JPY36 (US$0.26) per kWh under Japan's feed-in-tariff program for the remaining tenor of 18 years.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar commented, "We are excited to announce the completion of the sale of our Azuma Kofuji project. This transaction allows us to monetize the project while capturing the stable, long-term revenue streams for our O&M services. We expect to grow this business as we work to enhance and retain a greater share of the value-creation throughout the life cycle of solar and battery energy storage power plants."

He added, "Since we started developing this project in 2014, our team demonstrated resilience and professionalism overcoming various challenges at different stages of the development cycle. The dedication by everyone in the team allowed us to develop the project from a piece of abandoned agricultural land to what it is today: one of the largest solar power plants in Japan, producing nearly 110 GWh of clean and reliable energy each year, supporting approximately 31,000 households and helping to avoid approximately 50,000 metric tons of CO2 equivalent emissions each year. The successful delivery and sale of the largest PV project in Fukushima Prefecture is another example of Recurrent Energy's strong execution capabilities in the global project development business."

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 94 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 8.8 GWp in over 20 countries across the world. Currently, the Company has approximately 609 MWp of projects in operation, 6.9 GWp of projects under construction or in backlog (late-stage), and an additional 17.7 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 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. 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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