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

GUELPH, ON, May 17, 2023 /PRNewswire/ — 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.

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, regulatory and economic conditions and the state of the solar and battery storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; supply chain disruptions; 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., China, Brazil and Europe; changes in effective tax rates; changes in customer order patterns; changes in product mix; changes in corporate responsibility, especially environmental, social and governance (“ESG”) requirements; capacity utilization; level of competition; pricing pressure and declines in or failure to timely adjust 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 that customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange and inflation rate fluctuations; uncertainties related to the CSI Solar carve-out listing; litigation and other risks as described in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 18, 2023. 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.

CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACTS

Isabel Zhang

Investor Relations

Canadian Solar Inc.

investor@canadiansolar.com

David Pasquale

Global IR Partners

914-337-8801

csiq@globalirpartners.com

CSI ENERGY STORAGE MEDIA INQUIRIES

Ally Copple

Innovant Public Relations

713-201-8800

Ally@InnovantPR.com

AYPA POWER MEDIA INQUIRIES

Adelina Brooks

Communications Manager

communications@aypa.com 

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SOURCE Canadian Solar Inc.

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