GUELPH, Ontario, Nov. 28, 2017 /PRNewswire/ -- Canadian Solar
Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that
it successfully started construction of two new solar power projects, totaling 12.9 MWp in Japan.
The 10.77 MWp Shizuoka Project will be powered by 32,640 of Canadian Solar made high-efficiency MaxPower modules, and once connected to the
grid, the plant is expected to generate approximately 12,971 MWh of clean, reliable solar electricity each year. Tokyo Electric
Power Co., Inc. will purchase the solar electricity under a 20-year feed-in-tariff contract at the rate of JPY36.0 ($0.32) per kWh. The Company expects the project to achieve
commercial operation during Q4 2018.
The 2.1 MWp Miyagi Project will use 6,650 of the same Canadian Solar high-efficiency MaxPower modules, and once connected to the
grid, the plant will generate approximately 2,400 MWh of clean, reliable solar electricity each year. The solar electricity will
be purchased by Tohoku Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of JPY36.0 ($0.32) per kWh. The Company expects the project to reach commercial
operation in Q3 2018.
"With the addition of these two projects, the portfolio of Canadian Solar's under-construction or operating assets is
well-diversified across 18 prefectures throughout Japan." commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "The Miyagi project, marks our first
project under-construction in a region severely impacted by the Great East Japan Earthquake. Canadian Solar is honored to
contribute to the on-going revitalization effort, and look forward to being a part of the continued developments within the
region."
Yoshihisa Otake, Representative Director of Canadian Solar Infrastructure Fund stated "These
two projects represent growth opportunities for Canadian Solar Infrastructure Fund in the future. It speaks to the strength of
the Company, our sponsor, and their ability to develop quality solar power projects in Japan,
including regions with revitalization as a priority."
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 24 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 publicly 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; cancellation 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.