Canadian Solar announces the operation of a 100 MWp solar project in Japan

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GUELPH, ON, November 17, 2022 /PRNewswire/ — Canadian Solar Inc. (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ) announced today that its Japan Flagship megaproject, the 100 MWp Azuma Kofuji Solar Project located in Fukushima Prefecture, recently entered commercial operation.

The Azuma Kofuji project is Canadian Solar’s largest project in Japan and Fukushima Prefecture’s largest operational solar project to date. The project is powered by Canadian Solar High Efficiency HiKu Modules and the energy generated is purchased by the Tohoku Electric Power Company at the rate of JPY36 ($0.26) per kWh under from Japan feed-in tariff program for over 18 years. The local subsidiary of Canadian Solar will provide long-term operation and maintenance of the power plant.

Built on 460 acres, most of which has been converted from abandoned farmland following the enforcement of recently enacted Japanese legislation to promote renewable energy production, Azuma Kofuji is expected to produce approximately 106,800 MWh of clean energy and reliable, enough to power around 31,000 households and avoid more than 50,000 tons of CO2 equivalent emissions per year. In addition, the project will donate part of the revenue from the sale of electricity to the city of Fukushima, whose funds will be used to promote activities in the local agricultural sector.

The project was funded by Nomura Capital Investment Co., Ltd. with a construction debt of 24.5 billion yen (approximately US$175 million), which received a Asset Triple A Deal Allocation in the Renewable Energy Deal of the Year category. The project is expected to participate in the Climate Bonds green certification process which is compatible with the new European Green Bond Standard.

“We are delighted to be making our contribution to the revitalization of Fukushima Prefecture. Prior to the start of construction, the Azuma Kofuji project site was abandoned and unproductive agricultural land. Our teams worked closely local communities and the government in the land conversion process and have successfully passed the environmental impact assessment controlled by Fukushima Prefecture. We are proud to help reinvigorate the local community and economy in a region that was hit hard by the Great East Japan Earthquake in 2011. We want to ensure that local communities are the long-term beneficiaries of clean, renewable energy, and we are proud to be part of rebuilding the economic and energy resilience of Fukushima’s hometowns while supporting from Japan Ambitions of carbon neutrality 2050. Additionally, I am proud that our team has persevered through a period of great economic and market uncertainty to bring this valuable project to fruition,” commented dr. Shawn QuPresident and CEO of Canadian Solar.

He added, “These projects continue to expand Canadian Solar’s strong track record in Japan as we continue to grow our business in a sustainable and responsible manner and contribute to from Japan clean energy transition. We now have over 470 MWp of large-scale projects operational or under construction, and two partnership platforms in Canadian Solar Infrastructure Fund (TSE: 9284) and Japan Green Infrastructure Fund. We are also one of the strongest solar module brands in Japan driven by our differentiated technology and large manufacturing scale. Together, we have further strengthened Canadian Solar’s leadership position as the most integrated solar player in the Japanese market. We thank our financial partners who continue to support Canadian Solar with low-cost capital, enabling us to develop and expand our portfolio of high-quality projects in Japan.”

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the largest solar technology and renewable energy companies in the world. It is a leading solar PV module manufacturer, solar power and battery storage solution provider, and utility-scale solar power and battery storage project developer with pipeline geographically diverse at various stages of development. Over the past 21 years, Canadian Solar has successfully delivered approximately 76 GW of premium quality solar PV modules to customers around the world. Similarly, since entering the project development business in 2010, Canadian Solar has developed, built and connected more than 6.8 GWp in more than 20 countries around the world. Currently, the Company has approximately 311 MWp of solar projects in operation, 5.3 GWp of projects under construction or behind schedule (advanced stage) and an additional 21 GWp of ongoing projects (middle to early stage). Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been listed on NASDAQ since 2006. For more company news, 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 pursuant to the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “believes”, “expects”, “anticipates”, “intends”, “estimates”, the negative form of these terms, or any other comparable terminology. Factors that could cause actual results to differ include general business, regulatory and economic conditions and the state of the solar storage and battery market and industry; geopolitical tensions and conflicts, including standoffs, sanctions and export controls; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; supply chain disruptions; government support for the deployment of solar energy; future available supplies of high purity silicon; consumer demand for end-use products and supply chain inventory levels of such products; changes in demand from major customers; changes in demand from major markets, such as JapanUnited States, China, Brazil and India; changes in effective tax rates; changes in customer ordering habits; changes in product range; changes in corporate responsibility, in particular environmental, social and governance (“ESG”) requirements; usability; level of competition; pricing pressure and declining or inability to timely adjust average selling prices; delays in the introduction of new products; delays in the approval process for large-scale projects; delays in the construction of large-scale projects; delays in completing project sales; the continued success of technological innovations and the delivery of products with features requested by customers; shortage of material supply or capacity needs; availability of funding; fluctuations in exchange rates and inflation; uncertainties related to listing excluding CSI Solar; 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/A filed 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 noted, and Canadian Solar assumes no obligation to update such information except as required by applicable law.

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SOURCE Canadian Solar Inc.

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