Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) today announced that its Global Energy business group recently signed private power purchase agreements ("PPA") with Usinas Siderurgicas de Minas Gerais S.A. ("Usiminas", NYSE: USNZY & BVMF: USIM5), one of the largest steelmakers in Latin America, committing 50% of the total electricity production of a 381 MWp solar power project in Brazil.

For this PPA, Canadian Solar will develop and build the 381 MWp Morada do Sol project in the State of Goiás. Construction is expected to start in the first quarter of 2024 and the project is expected to reach commercial operation by January 2025. This is the first corporate PPA signed directly with an industrial customer under the Brazilian self-production framework, and sets another landmark for Canadian Solar in this market as it will directly and materially reduce energy costs for industrial consumers.

The Morada do Sol project will use Canadian Solar's high efficiency bifacial BiHiKu modules. Once in operation, the project is expected to generate approximately 790 GWh of clean energy annually, equivalent to the annual electricity consumption of approximately 432,700 households or displacing 118,500 tons of CO₂ emissions.

"While we are working towards our own ESG goals, we are also proud to partner with Usiminas in a tailored solution in the Morada do Sol project to achieve their energy cost reduction and ESG goals," commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar. "This transaction also contributes to enhance our footprint and leading position in the Brazilian market, and demonstrates our capability to continue delivering sustainable, competitive, and innovative solutions to our customers in a country where we have cumulatively developed over 4.1 GWp of projects."

According to Sergio Leite de Andrade, CEO of Usiminas, "This year, as Usiminas celebrates its 60th anniversary, the company is looking to the future and is committed to ensure the sustainability of its operations. Initiatives such as the partnership with Canadian Solar for the supply of solar energy to power our operations are important steps in its journey to be increasingly aligned with the principles of the ESG agenda."

About Usiminas

Usiminas is the leader in the Brazilian flat steel market and one of the largest steelmaking complexes in Latin America. The company has industrial and logistics units located across six states and is present in the entire steelmaking chain, from ore extraction, through steel production, to its processing into products and capital goods customized for the market. Today, it has the largest and most innovative Research and Development Center in steelmaking in Latin America. The progress made by the steelmaker in recent years guarantees innovation, technology, and quality in all production lines, and allows the company to offer the market a diversified portfolio, with emphasis on high value-added products and services.

As a result of its environmental management, Usiminas was the second steelmaker in the world to be certified with ISO14001. The company also contributes to the development of the communities where it operates through Usiminas Institute and the São Francisco Xavier Foundation, with projects in the areas of health, education, culture, sports and social development. Usiminas shares are traded in the stock exchanges of São Paulo, New York (ADR level I) and Madrid.

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.

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; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; 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, China and Brazil; 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; logistical challenges that could increase the selling costs of the Company; exchange rate fluctuations; litigation; potential initiation of an anti-circumvention investigation 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.