Canadian Solar Updates 4Q09 Outlook; to Present at Piper Jaffray Fifth Annual Clean Technology & Renewables Conference

ONTARIO, Canada, Feb. 19 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. ("the Company", "Canadian Solar" or "we") (Nasdaq: CSIQ) today updated its outlook for the fourth quarter 2009 ended December 31, 2009 based on selected unaudited financial results. The Company also announced that Dr. Shawn Qu, Chairman and CEO, and Alex Taylor, Director, Investor Relations & Special Projects, will present at Piper Jaffray's Fifth Annual Clean Technology & Renewables Conference at 10:30 a.m. Eastern Time on Tuesday, February 23 at The Westin New York at Times Square, New York. A webcast of the presentation will be made available on the investor relations section of the Company's website at http://www.canadiansolar.com .

While shipments for the fourth quarter 2009 are expected to be slightly higher than prior guidance for shipments of approximately 128 MW to 138 MW, the Company now expects its gross margin to be in the mid-teens compared to prior expectations for the high-teens on a percentage basis. The expected gross margin variance is due to higher processing costs and lower yields caused by certain defective production equipment at the Company's new ingot and wafer plant. The Company is in the process of correcting these issues with the equipment vendor. The margin variation in the fourth quarter 2009 is also due to the clearing and revaluing of certain aged solar cell inventory, partly caused by the reduction of module ASP in December 2009.

The above outlook is based on the Company's current views with respect to operating and market conditions, its current order book and customer' forecasts, which are subject to change. The risks to our guidance also include changes in product pricing, availability and pricing of feedstock, and the project financing environment.

The Company will hold a conference call to discuss its financial results for the fourth quarter 2009 and business outlook on Wednesday, March 3, 2010 at 8:00 a.m. U.S. Eastern Time (9:00 p.m. March 3, 2010 in Hong Kong). The dial-in phone number is +1-617-597-5343, with passcode 61962000. A live webcast of the conference call will also be available on Canadian Solar's website at http://www.canadiansolar.com .

A replay of the call will be available approximately one hour after the conclusion of the live call through 10:00 a.m. on March 10, 2010, U.S. Eastern Time (11:00 p.m., March 10, 2010 in Hong Kong) by telephone at +1-617-801- 6888. To access the replay, use passcode 21133073. A webcast replay will also be available at http://www.canadiansolar.com .

About Canadian Solar Inc. (NASDAQ: CSIQ)

Canadian Solar Inc. is a leading vertically integrated provider of ingot, wafer, solar cell, solar module and other solar applications. Canadian Solar designs, manufactures and delivers solar products and solar systems for on- grid and off-grid use to customers worldwide. Canadian Solar is one of the world's largest solar module producers by manufacturing capacity. With operations in North America, Europe and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global sustainable development. For more information, visit http://www.canadiansolar.com .

Safe Harbor/Forward-Looking Statements

Certain statements in this press release including statements 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, including customers of our silicon materials sales; changes in demand from major markets such as Germany and Canada; risks associated with building our new Ontario facility; 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; 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 originally filed on June 8, 2009, as amended by its report on Form 20-F/A filed on October 14, 2009. 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. You 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.

SOURCE Canadian Solar Inc.