Canadian Solar Raises US$30 Million from the China-Portuguese Speaking Countries Cooperation and Development Fund

PVTIME - Canadian Solar Inc. (the "Company", or "Canadian
Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies,
announced today that it has closed US$30 million in funding from the
China-Portuguese Speaking Countries Cooperation and Development Fund
("CPDFund").

Canadian Solar intends to deploy the funding for the
development and construction of solar projects in Brazil, where Canadian Solar
has established a leadership position. The Company has 1.7 GWp of solar PV
projects developed and awarded with PPAs in the federal and regional energy
auctions, of which 480 MWp are under operation.

The CPDFund was established by China Development Bank and
the Macau Industrial and Commercial Development Fund, committed to promote
investment and cooperation between China and Portuguese-speaking countries
including Brazil.

Dr. Shawn Qu, Chairman and Chief Executive Officer of
Canadian Solar commented, "We are pleased to collaborate with the CPDFund
again to support the development and construction of more solar projects in
Brazil. The last financing transaction in 2017 helped us bring our first
Brazilian project, the 191 MWp Pirapora I power plant, to commercial operation.
Since then, Canadian Solar has become a leader in the Brazilian solar energy
market and is continuing to grow its project pipeline in the country. We look
forward to more opportunities to cooperate with companies and financial
institutions, in China and globally, to accelerate the growth of solar
energy."

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