Canadian Solar announces the first FIP ​​projects in Japan and the signing of a PPA with Toyota Tsusho

GUELPH, ON, June 17, 2024 /PRNewswire/ — The Canadian company Solar Inc. (“Company” or “Canadian Solar“) (NASDAQ: CSIQ) today announced that its first portfolio Japan Feed-in Premium (FIP) solar projects began commercial operations on June 1, 2024.

Projects that have achieved commercial operation include a 1.2 MWp project Tsukuba city, Ibaraki Prefecture and a project with a capacity of 1.9 MWp w The city of Daisen, Tottori Prefecture. Both designs are powered by CS7N-660W bifacial modules. Having initially obtained a feed-in tariff (FIT) through auctions held in 2020, the Company decided to switch projects from FIT to FIP in response to the growing demand for renewable energy. FIP-awarded projects will generate additional revenues through non-fossil certificates (NFC).

By entering into a 20-year power purchase agreement (PPA) with the Company, Toyota Tsusho Corporation (“Toyota Tsusho”) secures 100% of the photovoltaic energy including NFC generated by the project. These NFC will be transferred to Toyota Tsusho, the member Toyota Group and an electricity retailer that will then deliver power and NFC to its corporate customers.

Ryota Yamadageneral director for Canadian company Solar Japan Energy Group, commented: “Since launching our solar development business in Japan in 2012, we have focused on FIT because many of our investors preferred stable cash flows supported by government programs. Today, companies increasingly require clean energy to power their businesses. March 31, 2024our project development company in Japan were 240 MWp and 1.675 GWh for solar and energy storage, respectively. We are honored to have signed our first private PPA with Toyota Tsusho, a key member of the company Toyota Group. This PPA marks the beginning of our commitment to support Japanese corporations in meeting their clean energy needs for operations both in Japan and globally.”

ABOUT The Canadian company Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest companies dealing in photovoltaic technology and renewable energy. It is a leading manufacturer of photovoltaic modules, a provider of solar and battery storage solutions, and a developer of utility-scale solar and battery energy storage projects, with a geographically diverse pipeline in various stages of development. Over the last 23 years, Canadian Solar has successfully delivered over 125 GW of high-quality photovoltaic modules to customers around the world. Similarly, since starting its project development activities in 2010 Canadian Solar has developed, built and connected over 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects worldwide. Currently, the Company has photovoltaic projects with a capacity of over 1.2 GWp in operation, projects under construction or in the backlog phase worth 6.5 GWp, and additional projects with a capacity of 19.8 GWp in the advanced and early stages of implementation. In addition, the Company has implemented battery energy storage projects with a total value of 600 MWh and plans to develop battery energy storage projects with a total value of approximately 56 GWh, of which approximately 4.3 GWh is under construction or has a backlog, and an additional 51.6 GWh is at an advanced stage. and early stage. development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, listed on the NASDAQ stock exchange since 2006. Additional information about the Company can be found on the website Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements contained in this press release are forward-looking statements and involve a number of risks and uncertainties that could cause actual results to differ materially. These declarations are made pursuant to the Safe Harbor provisions contained in US Private Securities Litigation Reform Act of 1995 In some cases, forward-looking statements can be identified by terminology such as “believes,” “expects,” “anticipates,” “intends,” “estimates” or 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 module and battery market and industry; geopolitical tensions and conflicts, including stalemates, sanctions and export controls; volatility, uncertainty, delays and disruptions related to the Covid-19 pandemic; supply chain disruptions; government support for the use of solar energy; future available supplies of high purity silicon; consumer demand for end-use products and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand in major markets such as Japan, US, China, Brazil AND Europe; changes in effective tax rates; changes in customer ordering patterns; changes in product mix; changes in corporate responsibility, in particular environmental, social and governance (“ESG”) requirements; production capacity utilization; level of competition; pricing pressures and declines or failure to timely adjust average sales prices; delays in introducing a new product; delays in the approval process for utility-scale projects; delays in construction of utility-scale projects; delays in project sales; continued success in technological innovation and delivering products with the features customers demand; material supply shortages or performance requirements; availability of financing; currency and inflation fluctuations; court proceedings and other risks described in the Company’s documents filed in Securities and Exchange Commissionincluding the annual report on Form 20-F filed on April 26, 2024. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. Investors should not place undue reliance on forward-looking statements. All information contained in this press release is current as of today, unless otherwise noted, and Canadian Solar undertakes no obligation to update such information, except as required under applicable law.

The Canadian company Solar Inc. Contact for investor relations

Huang wines

Investor Relations

The Canadian company Solar Inc.

[email protected]

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SOURCE The Canadian company Solar Inc.