CANADIAN SOLAR'S CSI ENERGY STORAGE EXPANDS SUPPLY AGREEMENT WITH BLACKSTONE-BACKED AYPA POWER FOR 363 MWH TEXAS STORAGE PROJECT

The supply agreement announced today expands CSI Energy Storage's partnership with Aypa Power. In February, the companies announced that they had executed a contract for 487 MWh of energy storage products to support Aypa Power's Cald project in Southern California. With today's announcement, CSI Energy Storage will be servicing Aypa Power with a total of 850 MWh of battery energy storage.

Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that CSI Energy Storage, which is part of its majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar"), will deliver 363 MWh of battery energy products to an Aypa Power project in Texas. The project is expected to reach commercial operation by Q2 2024.


The supply agreement announced today expands CSI Energy Storage's partnership with Aypa Power. In February, the companies announced that they had executed a contract for 487 MWh of energy storage products to support Aypa Power's Cald project in Southern California. With today's announcement, CSI Energy Storage will be servicing Aypa Power with a total of 850 MWh of battery energy storage.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, said, "Aypa Power has one of the most robust pipelines of standalone energy storage projects across North America and CSI Energy Storage is pleased to be a trusted partner as Aypa continues to execute on its late-stage energy storage and hybrid development projects. We look forward to bringing these two impactful projects online to support the rapidly expanding energy storage market in the United States."

Moe Hajabed, CEO of Aypa Power, said "We're excited to expand our partnership with CSI Energy Storage. This supply agreement is a crucial step in our efforts to bring reliable and sustainable energy to California and Texas. With our project development and operations expertise combined with Canadian Solar's leading-edge technology, we can meet the growing demand for energy storage in the US. Together, we'll drive innovation and accelerate the transition to a cleaner, more resilient grid."

The project will utilize CSI Energy Storage's SolBank, a proprietary battery energy storage solution designed and manufactured for utility-scale applications. CSI Energy Storage has deployed around 2.7 GWh of battery energy storage solutions to date across the United States, Canada, the United Kingdom, and China. As of January 31, 2023, CSI Energy Storage's total pipeline has reached nearly 25 GWh.

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 88 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 8.8 GWp in over 20 countries across the world. Currently, the Company has approximately 574 MWp of projects in operation, 6.7 GWp of projects under construction or in backlog (late-stage), and an additional 18 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.

About Aypa Power
Aypa Power is a Blackstone portfolio company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects. As an independent power producer, the company was founded with a mission to reduce reliance on fossil fuels, combat climate change, and enhance grid reliability and resiliency. Aypa has been at the forefront of energy storage development since their first energy storage project came online in 2018. The company currently has more than 15GW in development across North America. For more information, follow Aypa Power on LinkedIn or visit www.aypa.com.

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