The projects that have reached commercial operation include a 1.2 MWp project in Tsukuba City, Ibaraki Prefecture and a 1.9 MWp project in Daisen Town, Tottori Prefecture. Both projects are powered by CS7N-660W bifacial modules.

Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) announced today that its first portfolio of Japan's feed-in premium (FIP) PV projects began commercial operation on June 1, 2024.

The projects that have reached commercial operation include a 1.2 MWp project in Tsukuba City, Ibaraki Prefecture and a 1.9 MWp project in Daisen Town, Tottori Prefecture. Both projects are powered by CS7N-660W bifacial modules. Initially awarded a feed-in tariff (FIT) through auctions held in 2020, the Company decided to switch the projects from FIT to FIP in response to the rising demand for renewable energy. FIP-awarded projects will generate additional revenue through Non-Fossil Certificates (NFCs).

By entering into a 20-year Power Purchase Agreement (PPA) with the Company, Toyota Tsusho Corporation ("Toyota Tsusho") secures 100% of the PV power, together with the NFCs, generated by the project. These NFCs will be transferred to Toyota Tsusho, a member of the Toyota Group and an electricity retailer, who will then provide the power and NFCs to its corporate customers.

Ryota Yamada, General Manager of Canadian Solar's Japan Energy Group, commented, "Since launching our Japan PV development business in 2012, we have focused on FIT, as many of our investors preferred the stable cash flows backed by government programs. Today, enterprises are increasingly demanding clean energy to power their businesses. As of March 31, 2024, our project development business in Japan totaled 240 MWp and 1.675 GWh for solar and energy storage, respectively. We are honored to sign our first private PPA with Toyota Tsusho, a key member of the Toyota Group. This PPA marks the beginning of our commitment to support Japanese corporations in meeting their clean energy needs for operations both in Japan and globally."

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 125 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 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects across the world. Currently, the Company has over 1.2 GWp of solar power projects in operation, 6.5 GWp of projects under construction or in backlog (late-stage), and an additional 19.8 GWp of projects in advanced and early-stage pipeline. In addition, the Company has 600 MWh of battery energy storage projects in operation and a total battery energy storage project development pipeline of around 56 GWh, including approximately 4.3 GWh under construction or in backlog, and an additional 51.6 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.