GUELPH, Ontario, March 29, 2018 /PRNewswire/ -- Canadian
Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced
the acquisition of a 97.6 MWp solar photovoltaic (PV) project in Cafayate, Salta Province,
Argentina.
The Cafayate Project was awarded in the second public renewable energy tender in Argentina
(RenovAr 1.5), receiving a USD denominated 20-year Power Purchase Agreement at US$56.28/MWh.
Canadian Solar plans to start construction on the plant in July 2018. Once connected to the grid by
Q2 of 2019, the plant will generate approximately 235,777 MWh of electricity per year, which will be sold to CAMMESA (Compañía
Administradora del Mercado Mayorista Eléctrico).
"This project is an important addition to our global late-stage project pipeline, and it represents a milestone of our project
development in Argentina, where we see great potential for the growth of solar energy,"
commented Dr. Shawn Qu, Chairman and Chief Executive Office of Canadian Solar Inc. "The results of
the past renewable energy tenders in the country have proved the competitiveness and reliability of solar. We will develop more
quality projects in Argentina to meet the growing demand for clean and reliable solar energy in
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 provider of solar energy solutions, Canadian Solar
also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17
years, Canadian Solar has successfully delivered over 26 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 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;
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; 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.