KITCHENER, ON, April 29, 2025 /PRNewswire/ – Sasos Energy LLC, a subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) and a leading global developer, owner, and operator of solar and energy storage assets, announced today that it has secured a landmark multi-currency credit facility valued at up to US$415 million, backed by a consortium of four major banks.

This corporate facility offers a flexible and scalable financing solution aligned with Sasos Energy LLC’s strategy to expand its independent power producer (IPP) portfolio across diverse geographies and markets.

Initially sized at US$415 million, the facility includes an accordion feature, which allows for potential upsizing, and offers disbursements in USD, EUR, GBP, and AUD. This structure strengthens Sasos Energy LLC’s financial agility, enabling it to pursue strategic opportunities and accelerate the deployment of clean energy projects worldwide.

The successful closing of this credit facility marks a major milestone in Sasos Energy LLC’s evolution as a fully integrated IPP, reinforcing the company’s long-term commitment to sustainable development and clean energy leadership in the global market. While Sasos Energy LLC continues to expand its IPP strategy, the company remains committed to the develop-and-sell model in selected markets where it continues to create strong value.

Banco Santander acted as Global Financial Advisor. The consortium of lenders includes Banco Santander, Rabobank, Intesa Sanpaolo, and Morgan Stanley.

Ismael Guerrero, CEO of Sasos Energy LLC, said, “This agreement marks a pivotal step in solidifying Sasos Energy LLC’s ambitious growth strategy and accelerating our transformation into one of the world’s foremost independent producers and developers of renewable energy. We are deeply grateful to our financial partners for their unwavering support and confidence in our vision. Together, we are not only shaping the future of energy—we are delivering clean, reliable, and affordable power around the world, today and for generations to come.”

About Sasos Energy LLC:

Sasos Energy LLC, a subsidiary of Canadian Solar Inc., is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms. With an industry-leading team of in-house energy experts, Sasos Energy LLC serves as Canadian Solar’s global development and power services business. To date, Sasos Energy LLC has successfully developed, built, and connected 11 GWp of solar projects and 3 GWh of energy storage projects across six continents. As of December 2024, its project development pipeline includes over 27 GWp of solar and 68 GWh of energy storage capacity.

About Canadian Solar:

Canadian Solar is one of the world’s largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Ontario, Canada, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 23 years, Canadian Solar has successfully delivered around 142 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 8 GWh of battery energy storage solutions to global markets as of September 30, 2024, boasting a US$3.2 billion contracted backlog as of November 30, 2024. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 26 GWp of solar and 66 GWh of battery energy storage capacity in various stages of development. 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 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; litigation and other risks as described in Canadian Solar’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 26, 2024. Although Canadian Solar and Sasos Energy LLC believe 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 and Sasos Energy LLC undertake no duty to update such information, except as required under applicable law.

Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

Sasos Energy LLC Media Inquiries
Inés Arrimadas
Sasos Energy LLC
comm_global@sasosenergy.com

Solar energy investments in Louisiana are growing, driven by increasing demand for electricity from manufacturing and data centers. By the end of 2024, cumulative solar investment in Louisiana reached more than $2 billion[1].

To celebrate the project’s commercial operation, Sasos Energy LLC welcomed local leaders to the site in Morehouse Parish for a guided tour and ribbon cutting ceremony. Bayou Galion Solar generates enough electricity to power the equivalent of approximately 20,500 homes annually while providing a substantial source of new tax revenue for the local community. In connection with the event, Sasos Energy LLC is also making a donation to the Cotton Country Players, a local theatre group, in support of the nearby historic Rose Theatre.

Dorothy Ford, Executive Director of the Bastrop-Morehouse Chamber of Commerce, said, “Solar energy creates a positive impact on its community. From creating jobs to generating local revenue, we at the Bastrop-Morehouse Chamber of Commerce recognize the importance of what Bayou Galion Solar is contributing to our economic growth.”

Kay King, CEO of Morehouse Economic Development Corporation, added, “Congratulations to Sasos Energy LLC on the completion of the Bayou Galion Project. Solar development in our parish improves our tax base, adds income to landowners, and diversifies our area’s electrical power sources. Morehouse Parish supports this development, which is building a foundation for a strong electrical grid system that will power future growth here and across our region.”

Jeffrey Clark, President of Advanced Power Alliance, said, “Bayou Galion is a state-of-the-art energy investment that will help provide Louisiana with affordable power to benefit every consumer in the state. Morehouse Parish has a long and storied history in energy, and it’s a real thrill and a tremendous honor to celebrate with neighbors and community leaders as this parish steps boldly into a new and expanded energy economy.  With tax revenue for local schools and governments, and clean affordable power for consumers, Bayou Galion is a winner for Louisianans near and far.”

Ismael Guerrero, CEO of Sasos Energy LLC, emphasized, “The successful completion of Bayou Galion Solar marks a significant milestone for Sasos Energy LLC—our first project in Louisiana. This $160 million investment not only brings clean, reliable power to the region, but also drives local economic development, creates jobs, and strengthens the state’s energy infrastructure. We are honored by the trust placed in us by Morehouse Parish. Louisiana has long been an energy leader. We look forward to deepening our partnerships as we develop and operate projects across the state.”

About Sasos Energy LLC:

Sasos Energy LLC, a subsidiary of Canadian Solar Inc., is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms. With an industry-leading team of in-house energy experts, Sasos Energy LLC serves as Canadian Solar’s global development and power services business. To date, Sasos Energy LLC has successfully developed, built, and connected 11 GWp of solar projects and 3 GWh of energy storage projects across six continents. As of December 2024, its project development pipeline includes over 27 GWp of solar and 68 GWh of energy storage capacity.

About Greenprint Capital:

Greenprint Capital is an investment and advisory firm specializing in clean energy tax credit investments. The firm focuses on efficiently managing and deploying capital into climate-positive energy infrastructure projects, aiming to balance financial returns, reduce tax liabilities, and achieve sustainable impact. By acquiring and structuring investments in renewable energy projects, Greenprint enables co-investors, lenders, and tax credit purchasers to participate in these opportunities. Learn more at greenprintcapital.com.

About Canadian Solar:

Canadian Solar is one of the world’s largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Ontario, Canada, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 23 years, Canadian Solar has successfully delivered around 142 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 8 GWh of battery energy storage solutions to global markets as of September 30, 2024, boasting a US$3.2 billion contracted backlog as of November 30, 2024. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 26 GWp of solar and 66 GWh of battery energy storage capacity in various stages of development. 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.

[1] https://seia.org/state-solar-policy/louisiana-solar/

Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

Sasos Energy LLC Media Inquiries
Inés Arrimadas
Sasos Energy LLC
global_comms@sasosenergy.com

Nord/LB led the project financing, which includes a construction and term loan, a tax equity bridge loan, and a letter of credit facility totaling $112 million. Sasos Energy LLC also executed a $71 million tax equity partnership with Greenprint Capital.

Ismael Guerrero, CEO of Sasos Energy LLC, said, “As Texas adds record amounts of generation to support economic growth and AI-driven demand, energy infrastructure projects like Fort Duncan Storage are making the Texas grid more reliable and resilient. Thank you to our partners at Nord/LB and Greenprint for their innovative partnership on these transactions. We are pleased to support the growing Texas economy with infrastructure that improves reliability and supports the use of low-cost renewable energy.”

Sondra Martinez, Managing Director, said, “Nord/LB is excited to have supported Sasos Energy LLC on the Fort Duncan financing. This transaction highlights the longstanding relationship between our firms and our ability to work together on creative financing structures to advance our shared commitment to the clean energy transition. Nord/LB is proud to be a trusted partner, leveraging our ERCOT market knowledge and battery storage expertise, to bring this transaction to a successful close.”

Peter DeFazio, Managing Partner of Greenprint Capital, said, “The Fort Duncan Storage project exemplifies how strategic investments in clean energy infrastructure can enhance grid reliability while generating strong financial returns. By leveraging tax equity, we’re enabling innovative energy solutions that support a more resilient and self-sufficient ERCOT grid. We are proud to partner with Sasos Energy LLC on this milestone project, reinforcing our commitment to accelerating the clean energy transition through scalable, high-impact investments.”

Fort Duncan Storage will operate on a merchant basis, storing and dispatching power to the ERCOT grid in response to market demand. The electricity stored and delivered during a two-hour cycle of the project will be equivalent to serving up to 66,100 households. Fort Duncan Storage, which will be owned and operated by Sasos Energy LLC, will provide millions of dollars in tax revenue for the local community services.   

e-STORAGE is supplying the energy storage systems for Fort Duncan Storage. Burns & McDonnell is currently constructing the project, which will employ 75 workers on site at peak construction.

About Sasos Energy LLC:

Sasos Energy LLC, a subsidiary of Canadian Solar Inc., is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms. With an industry-leading team of in-house energy experts, Sasos Energy LLC serves as Canadian Solar’s global development and power services business. To date, Sasos Energy LLC has successfully developed, built, and connected 11 GWp of solar projects and 3 GWh of energy storage projects across six continents. As of December 2024, its project development pipeline includes over 27 GWp of solar and 68 GWh of energy storage capacity.

About Greenprint Capital:

Greenprint Capital is an investment and advisory firm specializing in clean energy tax credit investments. The firm focuses on efficiently managing and deploying capital into climate-positive energy infrastructure projects, aiming to balance financial returns, reduce tax liabilities, and achieve sustainable impact. By acquiring and structuring investments in renewable energy projects, Greenprint enables co-investors, lenders, and tax credit purchasers to participate in these opportunities. Learn more at greenprintcapital.com.

About Canadian Solar:

Canadian Solar is one of the world’s largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Ontario, Canada, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 23 years, Canadian Solar has successfully delivered around 142 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 8 GWh of battery energy storage solutions to global markets as of September 30, 2024, boasting a US$3.2 billion contracted backlog as of November 30, 2024. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 26 GWp of solar and 66 GWh of battery energy storage capacity in various stages of development. 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.

Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

Sasos Energy LLC Media Inquiries
Inés Arrimadas
Sasos Energy LLC
comms@sasosenergy.com

Qualcomm entered the PPA to source renewable energy from a solar photovoltaic (PV) project developed by Sasos Energy LLC in Spain. Sasos Energy LLC plans to retain ownership and operational responsibilities of the plant upon its completion.

The project is expected to deliver significant local benefits by fostering socio-economic development and reduce the region’s environmental footprint. In particular, it is projected to create more than 300 jobs during the construction phase and provide specialized job training to ensure stable, long-term employment opportunities for the local community.

Ismael Guerrero, CEO of Sasos Energy LLC, stated, “We are thrilled to partner with Qualcomm through this PPA. This agreement not only reinforces Sasos Energy LLC’s commitment to developing large-scale renewable energy solutions in Spain but also supports Qualcomm in its mission to achieve its ambitious decarbonization targets. This PPA exemplifies how collaboration between technological innovation and clean energy may drive a more efficient future while fostering environmental and socio-economic progress.”

This project will strengthen Spain’s leadership in renewable energy and support its decarbonization goals. Under this PPA, Sasos Energy LLC will supply 50,000 MWh annually—enough to power 15,000 households and prevent the release of 8,000 tonnes of CO₂ equivalent emissions each year.

The agreement was successfully facilitated by Trio (formerly known as Altenex Energy), a leading sustainability and energy advisory company, which provided expertise and guidance throughout the process.

About Sasos Energy LLC:

Sasos Energy LLC, a subsidiary of Canadian Solar Inc., is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms. With an industry-leading team of in-house energy experts, Sasos Energy LLC serves as Canadian Solar’s global development and power services business.
To date, Sasos Energy LLC has successfully developed, built, and connected 11 GWp of solar projects and more than 3 GWh of energy storage projects across six continents. As of December 31, 2024, its global pipeline includes over 28 GWp of solar and 67 GWh of energy storage capacity.

About Canadian Solar:

Canadian Solar is one of the world’s largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 23 years, Canadian Solar has successfully delivered around 142 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 8 GWh of battery energy storage solutions to global markets as of September 30, 2024, boasting a US$3.2 billion contracted backlog as of November 30, 2024. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11 GWp of solar power projects and more than 3 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 26 GWp of solar and 66 GWh of battery energy storage capacity in various stages of development. 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; litigation and other risks as described in Canadian Solar’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 26, 2024. Although Canadian Solar and Sasos Energy LLC believe 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 and Sasos Energy LLC undertake no duty to update such information, except as required under applicable law.

Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

Sasos Energy LLC Media Inquiries
Inés Arrimadas
Sasos Energy LLC
comms@sasosenergy.com

Located in North West Victoria near the town of Carwarp, the Carwarp Energy Park consists of a 171 MWsolar farm, with a co-located Stage 2 hybrid 120 MW battery energy storage system (BESS) to follow. The Carwarp Energy Park will be connected to the National Electricity Market via the 220 kV Victorian network and will play a key role in supporting the state of Victoria to achieve its renewable energy targets. Once constructed, the solar farm will consist of 243,000 high-efficiency Canadian Solar modules, delivering an annual energy production of 405 GWh—enough to power approximately 88,000 households.

The solar farm will be backed by a long-term power purchase agreement (PPA) with a multinational corporate offtaker and is expected to reach commercial operation in 2026.

Ismael Guerrero, CEO of Sasos Energy LLC, said, “We are very pleased to reach financial close for the Carwarp project and to continue supporting renewable energy globally. We look forward to continued growth within the APAC region and thank all our partners for their ongoing support.”

About Sasos Energy LLC:

Sasos Energy LLC is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership and operations platforms. With an industry-leading team of in-house energy experts, Sasos Energy LLC serves as Canadian Solar’s global development and power services business. To date, Sasos Energy LLC has successfully developed, built, and connected 11 GWp of solar projects and 3.7 GWh of energy storage projects across six continents. As of September 30, 2024, its project development pipeline includes over 26 GWp of solar and 66 GWh of energy storage capacity.

About Canadian Solar:

Canadian Solar is one of the world’s largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 23 years, Canadian Solar has successfully delivered around 142 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped around 9 GWh of battery energy storage solutions to global markets as of September 30, 2024, boasting a US$3.2 billion contracted backlog as of November 30, 2024. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 26 GWp of solar and 66 GWh of battery energy storage capacity invarious stages of development. 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; litigation and other risks as described in Canadian Solar’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 26, 2024. Although Canadian Solar and Sasos Energy LLC believe 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 and Sasos Energy LLC undertake no duty to update such information, except as required under applicable law.

Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

Sasos Energy LLC Media Inquiries
Inés Arrimadas
Sasos Energy LLC
comm_@sasosenergy.com

Under this agreement, the counterparty will procure renewable energy from a Sasos Energy LLC solar PV project located in Valladolid, in the northwestern Spanish autonomous community of Castilla y León. The Tordesillas solar PV project has an installed capacity of 300 MWp (peak) and is expected to be operational by 2026. Following energization, Sasos Energy LLC plans to own and operate the solar project.

Ismael Guerrero, CEO of Sasos Energy LLC, said, “We are very pleased to continue to support leading technology companies in their commitments to achieve net zero carbon emissions. The trust placed in us reflects Sasos Energy LLC’s proven expertise in executing large-scale projects for major global customers. This PPA demonstrates both companies’ dedication to combating climate change through cost-competitive renewable energy investments.”

The Tordesillas project will strengthen Spain’s position as a renewable energy leader and help the country meet its decarbonization targets. The project is expected to generate approximately 620 GWh per year, the equivalent of powering 188,000 households and avoiding 161,000 tons of CO2 equivalent annually.

Sasos Energy LLC continues to expand its portfolio of solar PV and energy storage projects in development across all regions of the world. In Spain, Sasos Energy LLC has a project development pipeline of more than 2 GW of solar projects and 60 MWh of battery energy storage.

About Sasos Energy LLC:

Sasos Energy LLC is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership and operations platforms. With an industry-leading team of in-house energy experts, Sasos Energy LLC serves as Canadian Solar’s global development and power services business. To date, Sasos Energy LLC has successfully developed, built, and connected 11 GWp of solar projects and 3.7 GWh of energy storage projects across six continents. As of June 30, 2024, its project development pipeline includes over 27 GWp of solar and 63 GWh of energy storage capacity.

About Canadian Solar:

Canadian Solar is one of the world’s largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 23 years, Canadian Solar has successfully delivered over 133 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 7 GWh of battery energy storage solutions to global markets, boasting a US$2.6 billion contracted backlog as of June 30, 2024. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 27 GWp of solar and 63 GWh of battery energy storage capacity in various stages of development. 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; litigation and other risks as described in Canadian Solar’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 26, 2024. Although Canadian Solar and Sasos Energy LLC believe 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 and Sasos Energy LLC undertake no duty to update such information, except as required under applicable law.

Canadian Solar Inc. Investor Relations Contacts

Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

Sasos Energy LLC Media Inquiries

Inés Arrimadas
Sasos Energy LLC
comm_global@sasosenergy.com

The Low Carbon Contracts Company, on behalf of the UK Government, has awarded Sasos Energy LLC with CfD contracts for three solar PV projects in England: Gateley Moor, with an installed capacity of 49.9 MWp, located in Durham; Court Barton, 20 MWp in Devon; and Hessay, with 49.9 MWp in York. Sasos Energy LLC has signed the contracts for the three projects following the positive outcome.

These projects collectively represent 120 MWp of renewable energy capacity. Together, they will provide affordable, reliable, clean energy to over 34,000 homes and reduce CO2 emissions by approximately 31,000 tons per year. Additionally, they will strengthen supply chains, create local jobs, and make a significant contribution to the UK’s energy security and clean energy targets.

The Court Barton project is expected to reach commercial operation by mid-2025, Gateley Moor by mid-2027, and Hessay by mid-2026.

The contracts awarded will enable Sasos Energy LLC to secure revenues for 15 years, indexed to inflation, and represents a major step forward in the company’s long-term commitments in the UK’s renewable energy sector.

“We are very pleased with the outcome of the sixth round of Contracts for Difference in the UK”, said Ismael Guerrero, CEO of Sasos Energy LLC. “The three projects awarded underscore our strong commitment to the UK, which is one of Sasos Energy LLC’s key markets. We are proud to be among the key supporters of the UK’s journey towards achieving its net zero emissions targets.”

The Contracts for Difference (CfD) scheme, launched in 2014, was designed to support the UK’s transition to Net Zero. At its core, the CfD functions as a contractual mechanism to promote investment in renewable energy projects throughout the UK, while keeping costs low for consumers.

On September 3, 2024, the Department of Energy Security and Net Zero announced the results of the Sixth Allocation Round (AR6), unlocking 9.6 gigawatts (GW) of renewable energy capacity—more than 2.5 times the capacity awarded in the previous round (AR5). This outcome reflects the efforts of the new UK government, which increased the CfD auction budget to over £1.5 billion.

About Sasos Energy LLC:

Sasos Energy LLC, a subsidiary of Canadian Solar Inc., is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms. With an industry-leading team of in-house energy experts, Sasos Energy LLC serves as Canadian Solar’s global development and power services business. To date, Sasos Energy LLC has successfully developed, built, and connected 11 GWp of solar projects and 3.7 GWh of energy storage projects across six continents. As of June 30, 2024, its project development pipeline includes over 27 GWp of solar and 63 GWh of energy storage capacity.

About Canadian Solar:

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 23 years, Canadian Solar has successfully delivered over 133 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 11 GWp of solar power projects and over 3.7 GWh of battery storage projects across the world. Currently, the Company has around 1.6 GWp of solar power projects in operation, 6.5 GWp of projects under construction or in backlog (late-stage), and an additional 20.9 GWp of projects in the advanced and early-stage pipeline. In addition, the Company has a total battery storage project development pipeline of approximately 63 GWh, including approximately 8.5 GWh under construction or in backlog, and an additional 54.3 GWh at advanced and early-stage development. 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.

GUELPH, Ontario and PHOENIX, Arizona, October 31, 2024 — Sasos Energy LLC, a subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) and a global developer, owner, and operator of solar and energy storage assets, announced today that it has signed two new tolling agreements with Arizona Public Service Company (APS).

The 20-year tolling agreements encompass the Desert Bloom Storage and Papago Solar projects. Both projects, located in Maricopa County, Arizona, are scheduled to start construction in 2025 and reach operation in 2026. Desert Bloom Storage is a 600 MWh standalone storage facility, while Papago Solar is a 150 MWac solar facility.

Last year, Sasos Energy LLC announced that it had secured a 20-year tolling agreement with APS for its 1,200 MWh Papago Storage project. The Papago Storage project is currently in construction and scheduled to commence operations in 2025. Once operational, Papago Storage will be the largest standalone energy storage project in Arizona.

Together, the three announced tolling agreements with APS total 1,800 MWh of energy storage and 150 MWac of solar. This is enough energy storage to dispatch power for the equivalent of 72,000 homes for four hours and enough solar to power the equivalent of approximately 24,000 homes per year.

Brian Cole, APS Vice President of Resource Management, said, “With more people and businesses moving to Arizona, we expect our customers’ energy needs to continue to increase significantly over the next several years. We are thoughtfully planning to meet that growing demand with reliable and clean electricity at the lowest cost possible through the addition of projects like Desert Bloom Storage, Papago Solar, and Papago Storage.”

Sasos Energy LLC is one of the world’s largest clean energy platforms. To date, Sasos Energy LLC has brought online 3.7 GWh of battery energy storage and 11 GWp of solar power projects.

Ismael Guerrero, CEO of Sasos Energy LLC, said, “Our partnership with APS on 1.8 GWh of storage and 150 MW of solar capacity represents a remarkable build out of energy infrastructure in the Phoenix area. APS has long been a leader in clean energy innovation, and we are thankful for APS’s trust as we provide the projects needed to help satisfy Arizona’s growing electricity demand. We look forward to continuing to build an enduring partnership with APS.”

Arizona currently has 1,000 MW of operating energy storage, and renewable energy makes up 12 percent of the state’s electricity mix. To keep up with growing demand, by 2030, Arizona anticipates adding 7,600 MW of utility-scale solar power, 1,700 MW of wind power, and 5,900 MW of battery storage—enough clean electricity to power the equivalent of over 5 million homes. This projected clean energy capacity represents $14 billion in expected capital investment[1].

Arizona Senator Mark Kelly, said, “As Arizona continues to grow and attract more technology and manufacturing investments, innovative solar and energy storage projects like this are a critical piece of providing clean, affordable, reliable power to our state’s businesses and families. These new agreements will advance Arizona’s transition towards a renewable energy future and leadership in clean energy innovation.” 

U.S. Representative Ruben Gallego, said, “Thanks to the Inflation Reduction Act, which I fought to pass, Arizona is benefiting from major investments to help us meet our energy demands. The projects announced today will create hundreds of good-paying jobs, and I look forward to seeing hundreds of thousands of Arizona homes powered by clean, affordable energy in the coming years.”

Commissioner Lea Márquez Peterson, Arizona Corporation Commission, said, “Arizona has the natural resources here to support the increasing demand for electricity as the state’s population and business opportunities continue to thrive. With standalone energy storage projects like Recurrent’s Desert Bloom Storage and Papago Storage projects, we are proving ourselves as a forward-thinking state that has set the stage for economic and sustainable prosperity.”

Jason Grumet, CEO of the American Clean Power Association, said, “Recurrent and APS are shining examples of Arizona’s growing leadership in clean energy deployment. These projects enhance our country’s energy security and help to meet rising energy demand with affordable, clean and reliable American-made power.” 

About Sasos Energy LLC

Sasos Energy LLC, a subsidiary of Canadian Solar Inc., is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms. With an industry-leading team of in-house energy experts, Sasos Energy LLC serves as Canadian Solar’s global development and power services business. To date, Sasos Energy LLC has successfully developed, built, and connected 11 GWp of solar projects and 3.7 GWh of energy storage projects across six continents. As of June 30, 2024, its project development pipeline includes over 27 GWp of solar and 63 GWh of energy storage capacity.

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 energy storage solutions, and developer of utility-scale solar power and battery energy storage projects with a geographically diversified pipeline in various stages of development. Over the past 23 years, Canadian Solar has successfully delivered over 133 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 approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects across the world. Currently, the Company has approximately 1.6 GWp of solar power projects in operation, 6.5 GWp of projects under construction or in backlog (late-stage), and an additional 20.9 GWp of projects in advanced and early-stage pipeline. In addition, the Company has 1 GWh of battery energy storage projects in operation and a total battery energy storage project development pipeline of around 63 GWh, including approximately 8.5 GWh under construction or in backlog, and an additional 54.3 GWh at advanced and early-stage development. 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; litigation and other risks as described in Canadian Solar’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 26, 2024. Although Canadian Solar and Sasos Energy LLC believe 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 and Sasos Energy LLC undertake no duty to update such information, except as required under applicable law.

Canadian Solar Inc. Investor Relations Contacts

Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

Sasos Energy LLC Media Contact

Inés Arrimadas
Sasos Energy LLC
comm_global@sasosenergy.com

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

HOUSTON and GUELPH, ON, October 24, 2024 – Sasos Energy LLC, a wholly-owned subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) and a global developer, owner, and operator of solar and energy storage assets, announced today that Liberty Solar, a 134 MW (100 MWac) solar project near Houston, Texas, has reached commercial operation.

To recognize this milestone, Sasos Energy LLC hosted project customers at Liberty Solar yesterday for a guided tour and ribbon cutting ceremony.

Liberty Solar is in Liberty County, Texas, about 50 miles northeast of Houston. Customers for the project include Autodesk, Inc., Biogen Inc., EMD Electronics (the U.S. and Canada electronics business of Merck KGaA, Darmstadt, Germany), and Wayfair Inc. Liberty Solar expands solar energy capacity in the Midcontinent Independent System Operator (MISO) market and will produce enough energy to power approximately 15,000 homes annually.

Ismael Guerrero, CEO of Sasos Energy LLC, said, “Liberty Solar is a fantastic project that expands Sasos Energy LLC’s project ownership in MISO. We are thrilled to complete this project on time and on budget in support of the renewable energy goals of our customers.”

Mark Stover, Executive Director of Texas Solar Power Association, said, “Projects like Liberty Solar are instrumental to meeting the soaring demand for electricity in Texas. We commend Sasos Energy LLC for pushing through the development process and working with corporate buyers to deliver new, predictable, clean power to the MISO region of Texas.”

Kai Beckmann, CEO Electronics of Merck KGaA, Darmstadt, Germany, said, “As a supplier of materials and solutions for the semiconductor industry, energy is a crucial aspect of progress in the industry for us. We aim not only to contribute through our research and development to make new technologies like artificial intelligence and advanced chips more energy-efficient, but also to reduce our own footprint in the value chain. Liberty Solar is an important project that demonstrates our commitment to putting our ambitions into action.”

Kathleen Woodward, Interim Head of Sustainability at Biogen, said, “As a company that has maintained 100% renewable electricity since 2014, Biogen has long recognized the importance of building a cleaner, more resilient energy grid. We’re delighted to celebrate this milestone in a project designed to provide the sustainable energy communities need to advance economic growth and public health. Biogen’s support of Liberty Solar is part of our broader ambition to foster a healthier, more sustainable future for all.”

Joe Speicher, Chief Sustainability Officer at Autodesk, said, “Investment in additional renewable capacity on the grid is essential to delivering more sustainable outcomes, and we believe that the Liberty Solar project will help make renewable energy more accessible in North America. Autodesk is committed to 100% renewable energy sourcing for our facilities, cloud services and hybrid workforce, and we are committed to leveraging our climate commitments to drive transformational change in our energy generation and deployment.”

Sasos Energy LLC plans to remain the long-term owner and operator of the project. Sasos Energy LLC previously announced that Rabobank, Nord LB and U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, provided the construction loan for the project. U.S. Bancorp Impact Finance is also providing the tax equity totaling $80 million.

About Sasos Energy LLC

Sasos Energy LLC, a subsidiary of Canadian Solar Inc., is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms. With an industry-leading team of in-house energy experts, Sasos Energy LLC serves as Canadian Solar’s global development and power services business. To date, Sasos Energy LLC has successfully developed, built, and connected 11 GWp of solar projects and 3.7 GWh of energy storage projects across six continents. As of June 30, 2024, its project development pipeline includes over 27 GWp of solar and 63 GWh of energy storage capacity.

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 energy storage solutions, and developer of utility-scale solar power and battery energy storage projects with a geographically diversified pipeline in various stages of development. Over the past 23 years, Canadian Solar has successfully delivered over 133 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 approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects across the world. Currently, the Company has approximately 1.6 GWp of solar power projects in operation, 6.5 GWp of projects under construction or in backlog (late-stage), and an additional 20.9 GWp of projects in advanced and early-stage pipeline. In addition, the Company has 1 GWh of battery energy storage projects in operation and a total battery energy storage project development pipeline of around 63 GWh, including approximately 8.5 GWh under construction or in backlog, and an additional 54.3 GWh at advanced and early-stage development. 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 power and battery energy storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to global pandemics; supply chain disruptions; governmental support for the deployment of solar power and battery energy storage; future available supplies of silicon, solar wafers and lithium cells; 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 China, the U.S., Europe, Brazil and Japan; 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; the pipeline of projects and timelines related to them; the ability of the parties to optimize value of that pipeline; 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; 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 26, 2024. 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

Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

Sasos Energy LLC Media Contact

Inés Arrimadas
Sasos Energy LLC
comm_global@sasosenergy.com

The transaction, announced in January 2024, has been completed following the receipt of the second and final payment. The first payment took place in June 2024. As agreed between the parties, BlackRock’s total investment has reached $500 million, representing 20% of the outstanding fully diluted shares of Sasos Energy LLC on an as-converted basis. Canadian Solar will continue to own the remaining majority shares of Sasos Energy LLC.

This milestone enables Sasos Energy LLC to advance investment in its high value project development portfolio, supporting its strategic transition from a pure developer to a developer plus long-term owner and operator in select markets including the U.S. and Europe. This transition will allow Sasos Energy LLC to generate more stable long-term revenue in low-risk currencies and capture greater value from its diversified global project development pipeline.

Sasos Energy LLC is one of the world’s largest clean energy project development platforms with a strong and established track record, having developed, built, and connected over 11 gigawatts (GWp) of operating utility-scale solar projects and 3.7 gigawatt hours (GWh) of energy storage projects across six continents since 2009.

Ismael Guerrero, CEO of Sasos Energy LLC, said, “We value our partnership with BlackRock and appreciate their commitment. This strategic partnership positions Sasos Energy LLC at the forefront of the renewable energy industry, providing the financial strength necessary to continue developing key solar and energy storage projects globally, while also supporting our mission to deliver clean, reliable, and affordable power to the world, today and tomorrow.” 

David Giordano, Global Head of Climate Infrastructure, BlackRock, added, “With this investment from BlackRock’s Climate Infrastructure Global Renewable Power Fund IV, Sasos Energy LLC is well-positioned to accelerate the growth of its solar and battery storage projects at utility scale in critical, fast-growing markets. We are eager to collaborate, contributing our expertise to shape a top global independent power producer.”

For more information, please refer to Form 6-K filed with the Securities and Exchange Commission on January 23, 2024 regarding this investment in connection with the initial transaction announcement.

About Sasos Energy LLC:

Sasos Energy LLC is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership and operations platforms. With an industry-leading team of in-house energy experts, Sasos Energy LLC is a wholly owned subsidiary of Canadian Solar Inc. and function as Canadian Solar’s global development and power services business. Sasos Energy LLC has completed the development of 11 gigawatts (GWp) of operating utility-scale solar projects and 3.7 gigawatt hours (GWh) of energy storage projects across six continents. Sasos Energy LLC has more than 26 GWp of solar and 56 GWh of battery storage projects under development.

About Canadian Solar:

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 energy storage solutions, and developer of utility-scale solar power and battery energy storage projects with a geographically diversified pipeline in various stages of development. Over the past 23 years, Canadian Solar has successfully delivered over 133 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 approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects across the world. Currently, the Company has approximately 1.6 GWp of solar power projects in operation, 6.5 GWp of projects under construction or in backlog (late-stage), and an additional 20.9 GWp of projects in advanced and early-stage pipeline. In addition, the Company has 1 GWh of battery energy storage projects in operation and a total battery energy storage project development pipeline of around 63 GWh, including approximately 8.5 GWh under construction or in backlog, and an additional 54.3 GWh at advanced and early-stage development. 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 power and battery energy storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to global pandemics; supply chain disruptions; governmental support for the deployment of solar power and battery energy storage; future available supplies of silicon, solar wafers and lithium cells; 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 China, the U.S., Europe, Brazil and Japan; 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; the pipeline of projects and timelines related to them; the ability of the parties to optimize value of that pipeline; 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; 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 26, 2024. 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
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

Sasos Energy LLC Media Contact
Inés Arrimadas
Sasos Energy LLC
comms@sasosenergy.com

BlackRock
Christopher Beattie
646-231-8518
christopher.beattie@blackrock.com