e-STORAGE will provide and integrate its advanced SolBank 3.0 energy storage solution for the project. Under the EPC contract, e-STORAGE will manage all civil, mechanical, and electrical infrastructure for the project.

Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that e-STORAGE, which is part of the Company's majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar) has secured a turnkey EPC contract to supply a 98 MW/312 MWh DC Battery Energy Storage System (BESS) to the Huatacondo project in Chile. The project, developed by Sojitz Corporation and Shikoku Electric Power Co., Inc. through their subsidiary AustrianSolar Chile Cuatro SpA ("ASC4"), is set to commence construction in the first quarter of 2025.

e-STORAGE will provide and integrate its advanced SolBank 3.0 energy storage solution for the project. Under the EPC contract, e-STORAGE will manage all civil, mechanical, and electrical infrastructure for the project.

Toshinori Kawahara, General Manager of ASC4, commented: "Building our energy storage project is a major milestone for ASC4. We are very pleased to be able to contribute to a stable supply of electricity in northern Chile."

Colin Parkin, President of e-STORAGE, stated: "We are pleased to extend our energy storage expertise through the delivery of our first major project in Chile, supporting the government's ambitious goal of getting 70% of its electricity from renewable sources by 2050. This new BESS project in the Tarapacá Region of Chile expands our global portfolio, reinforcing our commitment to delivering reliable, high-performance energy solutions worldwide."

e-STORAGE's SolBank 3.0 offers exceptional performance and safety, featuring high-density LFP cells, advanced BMS, and innovative liquid cooling TMS. Its compact design and high capacity of over 5 MWh per 20-ft container optimize land use and reduce costs. The SolBank 3.0 boasts an IP55 protection grade, making it resistant to wind and rain, ensuring reliable operation in the Andean climate. The SolBank 3.0's capacity to function effectively across a broad temperature spectrum further enhances its durability, making it an ideal solution for demanding environments.

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 energy storage solutions, and developer of utility-scale solar power and battery energy storage projects with a geographically diversified pipeline in various stages of development. Over the past 23 years, Canadian Solar has successfully delivered over 133 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 approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects across the world. Currently, the Company has approximately 1.6 GWp of solar power projects in operation, 6.5 GWp of projects under construction or in backlog (late-stage), and an additional 20.9 GWp of projects in advanced and early-stage pipeline. In addition, the Company has 1 GWh of battery energy storage projects in operation and a total battery energy storage project development pipeline of around 63 GWh, including approximately 8.5 GWh under construction or in backlog, and an additional 54.3 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 or visit www.canadiansolar.com.

About e-STORAGE

e-STORAGE is a subsidiary of Canadian Solar and a leading company specializing in designing, manufacturing, and integrating battery energy storage systems for utility-scale applications. e-STORAGE offers proprietary battery energy storage solutions, comprehensive EPC services, and innovative solutions aimed at improving grid operations. Currently, e-STORAGE operates two fully automated, state-of-the-art manufacturing facilities with an annual production capacity of 20 GWh energy storage solutions. For more info, please refer to the Media&PR section of www.csestorage.com and follow our LinkedIn page.

About Sojitz

Sojitz Corporation ("Sojitz") was founded in 2003 and operates as one of the leading general trading and investment companies in Japan. Sojitz is engaged in a diverse range of businesses globally and continues to expand on its extensive business experience in Japan and overseas. Specifically, in the energy sector, Sojitz anticipates continued growth of decarbonization-related businesses due to rising global awareness of environmental issues. In addition to pursuing existing asset-based infrastructure businesses such as the Huatacondo BESS project, Sojitz also aims to establish a business management model focused on providing solutions to customers. Through this approach, Sojitz aims to expand earnings opportunities, broaden its business scope, and ensure robust growth.

About Shikoku Electric Power

Shikoku Electric Power (Yonden) was founded in 1951, as one of the utility companies in Japan. Yonden is committed to pursuing initiatives toward the creation and development of future growth engines, to expand revenue in businesses outside the electric power business. The end vision of these initiatives is to achieve sustainable growth into the future, amid turbulent changes in the business landscape. As part of this vision, Yonden is expanding its activity sites to countries around the world together with a variety of business partners. Through technical consulting and international cooperation leading to overseas investments, particularly in overseas power generation projects, Yonden's objective is to further enlarge revenue from its international business, where growth is expected.