Recurrent Energy Completes Sale of 100 MW/200 MWh Battery Energy Storage Project in South Australia to Epic Energy

GUELPH, ON, Jan. 8, 2024 /PRNewswire/ -- Canadian Solar Inc.^[1] (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that Recurrent Energy^[2], a global developer and owner of solar and energy assets, completed the sale of its 100 MW/200 MWh Mannum energy storage project in South Australia to Epic Energy.

Mannum energy storage is the third project that Recurrent Energy has sold to Epic Energy, a South Australian-based energy infrastructure owner and operator. Epic Energy currently owns the 7 MW Mannum Stage One and 39 MW Mannum Stage Two solar projects, which were both developed by Recurrent Energy.

Recurrent Energy began development of Mannum energy storage, located in Mannum, Australia, to complement the Mannum solar projects and provide beneficial grid and market services to the South Australian energy market. Recurrent Energy selected e-STORAGE^[3] as the energy storage solutions provider who will deliver its SolBank energy storage solution for the project. The project is expected to start construction in the first half of 2024 and reach commercial operation in 2025.

Clive D'Cruz, Chief Executive Officer of Epic Energy, said, "We are delighted to work with Recurrent Energy again at the Mannum site. The battery energy storage system rounds out Epic Energy's investment at the current site, sitting alongside our two adjacent solar farms. The standalone battery will create much needed energy storage to support the supply of excess renewable energy to the grid during peak periods and to enhance stability."

Ismael Guerrero, CEO of Recurrent Energy, said, "We are delighted to collaborate with Epic Energy once again on the sale of our third project to them. Australia is a rapidly growing market for renewable energy and our latest transaction with Epic Energy supports the country's efforts to decarbonize in a sustainable way. We look forward to continuing to advance our robust pipeline of energy storage and solar projects in Australia."

About Recurrent EnergyRecurrent Energy is one of the world's largest and most geographically diversified utility-scale solar and energy storage project development, ownership and operations platforms. With an industry-leading team of in-house energy experts, Recurrent Energy is a wholly-owned subsidiary of Canadian Solar Inc.^[4] and functions as Canadian Solar's global development and power services business. Additional details are available at www.recurrentenergy.com^[5].

About Canadian SolarCanadian 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 22 years, Canadian Solar has successfully delivered over 110 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 around 9.3 GWp of solar power projects and over 3 GWh of battery storage projects across the world. Currently, the Company has around 850 MWp of solar projects in operation, nearly 7.8 GWp of projects under construction or in backlog (late-stage), and an additional 18.7 GWp of projects in advanced and early-stage pipeline. In addition, the Company has a total battery storage project development pipeline of approximately 55 GWh, including approximately 5 GWh under construction or in backlog, and an additional 50 GWh at advanced and early-stage development. 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^[6] or visit www.canadiansolar.com^[7]

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 18, 2023. 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 ZhangInvestor RelationsCanadian Solar Inc.investor@canadiansolar.com^[8]

RECURRENT ENERGY MEDIA INQUIRIES

Ally CoppleInnovant Public Relations713-201-8800Ally@InnovantPR.com^[9]

References

1. ^{^} Canadian Solar Inc. (www.canadiansolar.com)
2. ^{^} Recurrent Energy (recurrentenergy.com)
3. ^{^} e-STORAGE (csestorage.com)
4. ^{^} Canadian Solar Inc. (www.canadiansolar.com)
5. ^{^} www.recurrentenergy.com (www.recurrentenergy.com)
6. ^{^} LinkedIn (www.linkedin.com)
7. ^{^} www.canadiansolar.com (www.canadiansolar.com)
8. ^{^} investor@canadiansolar.com (canadiansolar.com)
9. ^{^} Ally@InnovantPR.com (www.prnasia.com)