Once operational, Papago Storage will be one of the world's largest standalone energy storage projects and the largest standalone energy storage project in Arizona.

Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that e-STORAGE, which is part of its majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar"), will deliver 1,200 MWh (1,519 MWh DC nominal) of energy storage solutions to Recurrent Energy's Papago Storage project in Arizona. Recurrent Energy, a wholly-owned subsidiary of Canadian Solar, is expected to begin construction on Papago Storage in the third quarter of 2024.

Once operational, Papago Storage will be one of the world's largest standalone energy storage projects and the largest standalone energy storage project in Arizona. Papago Storage will utilize e-STORAGE's SolBank, a proprietary battery energy storage solution designed and manufactured for utility-scale applications. e-STORAGE will supply and commission the entire Battery Energy Storage System by integrating the SolBank with battery inverters and controls. e-STORAGE will also offer operations and maintenance services and comprehensive performance guarantees under a 20-year long-term service agreement to the project.

e-STORAGE currently operates two fully automated, state-of-the-art, and industry-leading manufacturing facilities with an annual capacity of 10 GWh for 2023. As of July 2023, the Company has deployed more than 2.7 GWh of battery energy storage solutions across the United States, Canada, the United Kingdom, and China. The e-STORAGE team is fully equipped to continue providing high-quality, scalable energy storage solutions and contribute to the widespread adoption of clean energy.

Yan Zhuang, President of Canadian Solar's subsidiary CSI Solar, commented, "We are excited to provide battery storage solutions to one of the most significant energy storage projects globally. The SolBank, our proprietary battery storage product, offers best-in-market product safety and cost competitiveness, and this agreement demonstrates our ability to provide battery energy storage solutions at scale and on a timeline that our customers require. Working with our partners at Recurrent Energy, we are pleased to expand into a new and growing market for energy storage and provide the much-needed flexible energy capacity to support a greener future for all."

The contract is subject to final approval from the CSI Solar board of directors and shareholders.

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 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.