Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced it has signed two 10-year power purchase agreements (PPA) with Axpo Italia for the purchase of 70% of energy produced by two solar power plants under development totaling 84 MWp. Axpo Italia is one of the largest market operators in the free energy market in Italy and a highly reliable and bankable renewables generator counterparty.

The two solar projects of 33 MWp and 51 MWp are located in the central Lazian city of Viterbo, and the western Sicilian city of Trapani, respectively. Canadian Solar is developing both projects, which are planned to start construction before 2023. Axpo Italia will purchase the projects' clean solar electricity after they reach commercial operation in January 2024. Once in operation, the projects are expected to generate approximately 156 GWh of clean energy annually, equivalent to the annual electricity consumption of approximately 61,000 households or displacing 48,500 tons of CO2 emissions.

"We are pleased to sign our second and third PPA with our partner Axpo Italia, becoming the largest solar developer in the country based on contracted volume," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. "The growth of renewable energy in Italy is critical to achieving the country's decarbonization and energy security objectives. We will continue to step up in our leadership role as we continue to grow our pipeline of clean energy projects in Europe."

"For us at Axpo, it is essential to continue supporting the expansion and enhancement of long-term agreements (PPAs) for the production and distribution of energy from renewable sources," remarked Simone Demarchi, CEO of Axpo Italia. "Today, we boast of an international experience in this sector and we are particularly pleased that the Italian market is starting to perceive its centrality as well. Thanks to our work with highly qualified partners such as Canadian Solar, PPAs represent one of the best tools to promote the construction of new clean energy plants and put them at the heart of ambitious goals and strategies to achieve decarbonization."

About Axpo

Axpo is driven by a single purpose – to enable a sustainable future through innovative energy solutions. As Switzerland's largest producer of renewable energy and an international leader in energy trading and the marketing of solar and wind power, Axpo combines the experience and expertise of more than 5,000 employees who are driven by a passion for innovation, collaboration and impactful change. Using cutting-edge technologies, Axpo innovates to meet the evolving needs of its customers in over 30 countries across Europe, North America and Asia.

Axpo Italia, part of the Axpo Group, was founded in 2000 during the transition to the free market and is now a major player with a presence along the entire energy chain, third in Italy in the free market. Axpo Italia brings the global experience of the Axpo Group within the national market, creating value throughout the Italian energy chain, convinced of the fundamental role represented by the energy supply in determining the competitiveness of a company. Axpo Italia is headquartered in Genoa, and has commercial and representative offices in Milan and Rome.

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 20 years, Canadian Solar has successfully delivered over 63 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 6.2 GWp in over 20 countries across the world. Currently, the Company has around 430 MWp of solar projects in operation, nearly 7 GWp of projects under construction or in backlog (late-stage), and an additional 17 GWp of projects in pipeline (mid- to early- stage). 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

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; delays in the process of qualifying to list the CSI Solar subsidiary in the PRC; 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 April 19, 2021. 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.