GUELPH, Ontario, Sept. 6, 2017 /PRNewswire/ -- Canadian Solar
Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced an
acquisition of an 80.6 MWp solar photovoltaic (PV) project in Guimarania, in the state of Minas Gerais, Brazil. Canadian
Solar will build the project and provide the modules from its local factory in Brazil.
The Guimarania project received a 20-year Power Purchase Agreement from the second Reserve Energy Auction at R$290.00/MWh (approximately US$91.77/MWh). Once connected to the grid, the
plant will generate approximately 143,664 MWh of electricity per year, which will be sold to CCEE (Electrical Energy
Commercialization Chamber). Construction will start in early 2018 and reach commercial operation in Q4 2018.
"The Guimarania project is an exciting addition to our attractive utility-scale project pipeline in Brazil." commented Dr. Shawn Qu, Chairman and Chief Executive Officer of
Canadian Solar Inc. "We will continue to evaluate additional opportunities in this important emerging market so as to accelerate
the adoption of the affordable, reliable and clean solar energy across the country."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar
power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar
has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years,
Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world.
Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ
since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit http://www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business
prospects and future results, 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; cancelation of utility-scale feed-in-tariff
contracts in Japan; 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 27, 2017. 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.
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SOURCE Canadian Solar Inc.