GUELPH, Ontario, April 10, 2018 /PRNewswire/ -- Canadian Solar
Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that
it has won three solar photovoltaic (PV) projects, totaling 364 MWp in Brazil's A-4 auction that
was held on April 4, 2018.
The 364 MWp of projects, located in the states of Minas Gerais and Ceara, have been awarded 20-year Power Purchase Agreements
with an average price of 118.15 BRL/MWh (approximately US$35.58/MWh).
Once connected to the grid, the plants will generate approximately 706,056 MWh of electricity every year. Canadian Solar will
develop and build the projects, targeting to bring them to commercial operation by 2022.
"We are proud to be the only company that has been successful in winning projects in all of the five Federal Auctions held to
date in Brazil," commented Dr. Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar, "Brazil has proven to be an important market for us.
Relentless innovations and focuses on driving down cost while improving efficiencies in all aspects have allowed Canadian Solar
to deliver a 55.5% reduction in energy prices from the first auction, which accelerated the adoption of 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 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 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 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.