Canadian Solar Completes the Sale of A 17.7 MWp Subsidy-Free Solar Portfolio in Italy

PVTIMECanadian
Solar Inc.
(the "Company" or "Canadian Solar") (NASDAQ:
CSIQ)
announced today the closing of a 17.7 MWp portfolio sale in Italy to Sonnedix. The Company expects to recognize
revenue from the sale in the first quarter of 2020.

The portfolio of five solar PV plants in Sicily was jointly developed by Canadian Solar and
Manni Energy, and has been operational since February 2020.
The energy produced is sold to TrailStone Renewables GmbH through a recently
signed 10-year PPA. This is one of the longest PPAs for subsidy-free solar
portfolios in Italy to date. These solar plants
are expected to produce approximately 34 GWh of clean energy per annum,
equivalent to providing approximately 12,000 Italian households with clean
solar energy.

Dr. Shawn Qu, Chairman and Chief Executive
Officer of Canadian Solar commented, "We are pleased to partner with
Sonnedix and Manni Energy on the sale of our landmark subsidy-free portfolio in
Italy, the first-of-its-kind in the local
market. Italy is one of Canadian Solar's core
markets in the EMEA region and we are committed to investing and growing it
even during difficult times. Just a few days ago, we secured EUR 55 million in project financing
to fund the construction of 151 MWp of solar power plants in Sicily, Apulia and Lazio, which are expected to break ground in Q3 this
year. We have been active in the Italian subsidy-free market since 2018, and
now have over 900 MWp of project pipeline under permitting, solidifying our
position as one of leading players in the country."

Mr. Franco Citron, Head of
Business Development at Manni Energy, commented, "It was a great pleasure
to collaborate with Canadian Solar and Sonnedix, two key players in the solar
industry. We believe that moving towards market parity, a path that Manni
Energy undertook two years ago, is the right way to contribute to Italy's decarbonization goals as stated in the
Integrated National Energy and Climate Plan, which runs through 2030. Based on
this belief, we started the development of important projects for the 2020-2022
triennium, not only in southern but also in northern and central Italy. In addition, we are working on solutions and
technologies that will optimize the energy generation of these plants, with the
aim to make the prime cost of energy even more sustainable and
competitive."

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