The record-setting P5 (casted mono) cell conversion efficiency was tested and certified by Germany's Institute für Solarenergieforschung GmbH (ISFH) in September 2019. It surpasses the previous multi-crystalline cell efficiency world record of 22.28% which was also set by Canadian Solar in April 2019.

Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its technology team set a world record of 22.80% conversion efficiency for p-type large area multi-crystalline silicon solar cell. The record-setting P5 (casted mono) cell conversion efficiency was tested and certified by Germany's Institute für Solarenergieforschung GmbH (ISFH) in September 2019. It surpasses the previous multi-crystalline cell efficiency world record of 22.28% which was also set by Canadian Solar in April 2019.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar said, "I am very pleased to announce that we broke the world record yet again. This is a milestone for our P5 technology development. It proves that our multi-crystalline silicon technology can achieve efficiencies very close to mono while still enjoying the cost advantage of multi. We remain focused on expanding our technology pipeline to provide our customers with the most LCOE-competitive products."

Canadian Solar has been developing and is commercially launching its P5 cell technology and solar module products. The 22.80% record efficiency multi-crystalline cell was fabricated utilizing 157mmx157mm (area 246.66cm2) P5 silicon wafers and production-ready technologies such as MCCE (Metal Catalyzed Chemical Etch) black-silicon texturing, selective emitter, multi-layer anti-reflection coating, advanced surface passivation, and optimized grid design and metallization. Notably, the MCCE black-silicon texturing technology, originally developed and mass-produced by Canadian Solar, was used to further improve cell performance.

Canadian Solar is a technology leader in the solar industry and one of the highest ranked global solar manufacturers in terms of patent applications and patent grants. The Company has 1,422 patents granted, covering the North American, European and Asia-Pacific regions. In August this year, all of the Company's cell capacity was upgraded to mono-PERC or multi-PERC. On the module product side, Canadian Solar has pioneered the GW-scale introduction of half-cut cell modules (Ku-series), bifacial modules (BiKu), multi-bus bar (MBB), 166mm wafers (HiKu and BiHiKu) and shingled modules (HiDM).

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world's largest and foremost solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale power projects in various stages of development. Over the past 18 years, Canadian Solar has successfully delivered over 36 GW of premium quality modules to customers in over 150 countries around the world. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.