Canadian Solar Starts Construction of a 10 MWp Solar Power Plant in Germany

GUELPH, ON, Aug. 4, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) announced today it commenced the construction of the 10 MWp Groß Siemz solar power plant in Germany.

The project is located on an 11-hectare area next to the highway A20 Groß Siemz, near the city Schönberg in Mecklenburg-Western Pomerania, Northern Germany. Canadian Solar is the turnkey solutions provider for the PV plant, responsible for most of the project execution including the design, engineering, procurement and construction, and will be powering the solar plant with over 22,900 pieces of Canadian Solar high-efficiency mono-PERC modules. GS Solar GmbH & Co. KG, the customer and project owner, will connect the plant to the grid in October 2020 and Canadian Solar will provide the operations & maintenance ("O&M") services.

Once operational, the PV plant will generate approximately 10 GWh of clean and reliable solar energy annually, enough to meet the needs of over 3,000 households. Through the project lifetime, it is expected to displace approximately 90,000 metric tons of CO2-equivalent emissions.

Dr. Shawn Qu, Chairman and CEO, commented, "As a top-tier solar module brand and global project developer with strong technical and financing capabilities, providing turnkey solutions and O&M services is a natural extension of Canadian Solar's unique value proposition. We now have more than 3 GW of operational or contracted O&M agreements across the world. We are proud to share our extensive expertise in the solar industry and to provide one-stop-shop solutions to our customers."

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 solar power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 43 GW of premium-quality, solar photovoltaic modules to customers in over 160 countries. 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.

Canadian Solar's 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 and economic conditions and the state of the solar industry; 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., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in 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 customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on Form 20-F filed on April 28, 2020. 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.

SOURCE Canadian Solar Inc.