CANADIAN SOLAR PARTNERS WITH GARDANT SGR ON ITS FIRST ITALIAN ALTERNATIVE INVESTMENT FUND

GUELPH, ON, Jan. 31, 2023 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced it has signed an agreement to sell 30% of the preferred units of the Company's first Italian alternative investment fund ("CSFS Fund I") to Gardant Investor SGR ("Gardant"). As the investor of CSFS Fund I, Gardant is the asset management arm of the Gardant Group, specialized in alternative and complex investments with over EUR560 million assets under management.

CSFS Fund I is a closed-ended, real-estate reserved alternative investment fund managed by Finint Investments SGR, an asset management company with the goal of supporting the real economy, housing needs of the population and the green economy, through minibond, social and student housing and renewable energy funds. CSFS Fund I's perimeter includes a portfolio of seven solar power projects with a total capacity of 124.2 MWp, located across Italy's Sicily, Sardinia and Lazio regions. These projects are currently under construction and expected to reach commercial operation between March and December of 2023. Canadian Solar developed these projects and will provide the operations and maintenance services once they are completed.

Under this agreement, Gardant Investor SGR is also committed to cover 30% of the projects' construction capital expenditures. Canadian Solar targets to sell an additional 30% preferred units to a different financial investor while retaining 40% non-preferred units in the long run.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, "We are pleased to have signed this important agreement with Gardant. This transaction demonstrates the recognition of our capability to develop, build and operate projects to the highest standards by a top-tier financial investor. CSFS Fund I was established to execute Canadian Solar's long-term asset ownership strategy in Italy, a growing market where Canadian Solar now has a total solar project pipeline exceeding 1.8 GWp and a storage pipeline exceeding 2 GWh. This strategy is part of our plan to transition from a pure project development model to a global independent power producer or IPP."

Guido Lombardo, CEO of Gardant Investor SGR, said, "We are proud to have entered into this agreement with Canadian Solar. This is a significant investment in a strategic sector for the country, as energy is transitioning towards sustainable sources and this investment is in line with our group's ESG objectives. Like all our hallmark transactions, we have brought our skills and professionalism in this project to offer a financial product that is innovative and in line with market expectations".

Mauro Sbroggiò, CEO of Finint Investment SGR, added, "We are proud to have conceived the CSFS - Fund I with Canadian Solar and to have supported Canadian Solar and Gardant Investor SGR in structuring the investment, benefiting from the experience of the management team of Finint Invesments SGR, which has been operating in the sector for 15 years with over 250 MWp of PV plants under management and 6 investment funds specialized in the renewable energy sector. This transaction, leveraging Canadian Solar's expertise as a global leading renewable company, provides Gardant Investor SGR who is interested in investing in the renewable energy sector with an excellent risk return profile."

About Gardant S.p.A.

Gardant S.p.A. is an Italian company, headquartered in Rome, the parent company of the Gardant Group, Italy's leading operator in alternative asset management and servicing of impaired loan portfolios. With over EUR 560 million of funds raised, more than EUR 40 billion of loans under administration and about EUR 20 billion of loans managed as special servicer, the Gardant Group presents the widest range of products and services for investors and banks in the illiquid and impaired loans sector. Special Gardant (licensed ex Art. 115 TULPS, Italian Consolidated Law on Public Security) is the company specialised in judicial and extrajudicial recovery activities; Master Gardant is the company (financial intermediary ex Art. 106 TUB, Italian Consolidated Law on Banking and Lending) specialised in UTP credit management support activities and in servicer activities of securitisation vehicles; Gardant Investor SGR is the Group's management company specialised in alternative investments in the credit sector.

Finint Investments SGR

Finint Investments SGR is an Asset Management Company belonging to the Banca Finint Group active in the management of securities and real estate funds in line with the needs of its investors, both domestic and international. Finint Investments SGR is one of Italy's first alternative asset management companies and has been managing since 2004 funds ranging from Real Estate to Renewable Energy, as well as funds focused on Private Debt and Private Equity, NPLs and UTPs. Equipped with an investment team of 50 people, it boasts more than 50 percent of assets under management in accordance with the ESG principles enshrined in the UN PRIs. The numerous awards received in recent years confirm the growth path of the SGR, which operates both with direct clients and through agreements with banking institutions and advisory networks.

About Canadian Solar Inc.

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 storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 21 years, Canadian Solar has successfully delivered around 82 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 7 GWp in over 20 countries across the world. Currently, the Company has approximately 500 MWp of projects in operation, 6 GWp of projects under construction or in backlog (late-stage), and an additional 19 GWp of projects in advanced and early-stage pipeline. 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.

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; uncertainties related to the CSI Solar carve-out listing; litigation and other risks as described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 28, 2022, as amended on October 18, 2022. 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.

CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACTS

Isabel Zhang
Investor Relations
Canadian Solar Inc.
[email protected]

David Pasquale
Global IR Partners
914-337-8801
[email protected]

SOURCE Canadian Solar Inc.