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Canadian Solar: Recurrent Energy and SPIC Inaugurate 446 MWp Solar Complex in Brazil

10 June 2024

GUELPH, ON, June 10, 2024 /PRNewswire/ -- Recurrent Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) and a global developer, owner, and operator of solar and energy storage assets, announced today the inauguration of the 446 MWp / 360 MWac Marangatu Solar Complex in Brasileira, Brazil. SPIC owns 70% of the project, while Recurrent Energy owns the remaining 30%.

Developed by Recurrent Energy, Marangatu Solar Complex was fully energized in April 2024 after 14 months of construction. 75% of the energy generated is secured through long-term power purchase agreements (PPAs). The complex will generate enough electricity to power approximately 550,000 homes annually. Additionally, the project created around 1,500 direct jobs and 500 indirect jobs.

Adriana Waltrick, CEO of SPIC Brasil, commented, "It is increasingly urgent that we accelerate the energy transition process by contributing to the Brazilian electric sector and reinforcing our leadership in renewable energy. With our new venture into solar power generation, we aim to continue growing with innovation, sustainability, reliability, and most importantly, competitiveness. Brazil needs abundant, competitive energy, and it is our role to create the conditions for this."

Ismael Guerrero, CEO of Recurrent Energy, added, "Today marks a significant milestone for SPIC Brasil, Recurrent Energy, and the Brazilian energy sector This inauguration underscores our commitment to expanding renewable energy generation in Brazil, providing clean, sustainable energy solutions for the country. We are proud this project will positively impact the environment, the economy, and the local community. We look forward to further contributing to the development of renewable energy in Brazil and advancing our mission of creating a more sustainable future for all."

Recurrent Energy is undergoing significant growth and expansion in Latin America, with over 4 GW of project development pipeline as of March 31, 2024. Operational projects are located across Brazil, Mexico, Argentina, and Colombia, with new projects emerging in Chile, Peru, the Dominican Republic, and Puerto Rico.

About Recurrent Energy
Recurrent Energy is one of the world's largest and most geographically diversified utility-scale solar and energy storage project development, ownership and operations platforms, with an industry-leading team of in-house energy experts. Recurrent Energy is a subsidiary of Canadian Solar Inc. Additional details are available at www.recurrentenergy.com.

About Canadian Solar  
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.

About SPIC Brasil
SPIC Brasil is a company that invests in safe energy generation with a focus on renewable sources and respect for the communities where it operates, contributing to the energy transition and enhancing the country's energy potential. With assets totaling approximately 4 GW (3,844.2 MW) in Brazil, it operates the São Simão Hydroelectric Plant, on the border between the states of Minas Gerais and Goiás, two wind farms in Paraíba – Millennium and Vale dos Ventos – and is a shareholder in the largest natural gas complex in Latin America, GNA (Gás Natural Açu), in São João da Barra (RJ). It also holds a 70% majority stake in the Marangatu (PI) and Panati (CE) Solar Complexes, which have a combined installed capacity of 738 MWp. It employs over 265 direct employees in its business units and operations. For more information, please refer to the SPIC Brasil Annual Sustainability Report available on the website.

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; litigation and other risks as described in Canadian Solar's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 26, 2024. Although Canadian Solar and Recurrent Energy believe 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 and Recurrent Energy undertake no duty to update such information, except as required under applicable law.

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