Canadian Solar Secures 225.2 Million Brazilian Reais Financing for Lavras Project in Brazil

PVTIME - Canadian
Solar Inc.
(the "Company", or "Canadian Solar")
(NASDAQ: CSIQ), one of the world's largest solar power companies, today
announced it has secured 225.2 million Brazilian reais (US$
55 million) non-recourse project financing from Banco do Nordeste do
Brasil S.A. (BNB) for its Lavras solar power projects. Since the beginning of
2019, Canadian Solar has secured BRL 1,007 million
(US$ 247 million) solar project financing with BNB.

The 152.4 MWp Lavras project will be funded over 21
years across the construction and operation phases of the projects. The
inflation-linked debt tied to the National Consumer Price Index (IPCA) will
provide improved capital and resource alignment with the Brazilian economy.

Dr. Shawn Qu, Chairman and CEO
of Canadian Solar commented, "We are delighted to close our fifth consecutive
project financing with BNB. Sustainable public sector commitment for clean and
affordable solar energy infrastructure has transformed Brazil
to be the fastest growing renewable energy market in Latin
America. As a leader in financing infrastructure projects, BNB's
continuing participation in our solar portfolio promotes confidence in the
long-term potential of Brazil's renewable energy

The funding from BNB across multiple projects will support
Canadian Solar's plan to build one of the largest high efficiency bifacial
solar power plants in Latin America. These
projects will be powered by Canadian Solar high efficiency modules, including
the BiHiKu modules.

Canadian Solar won the Lavras solar project in Brazil's A-4 federal auction in April
2018 with 20-year, inflation-adjusted PPAs awarded at a base price of
118 Brazilian reais/MWh (approximately US$29/MWh)
with the Brazilian Electric Power Commercialization Chamber (CCEE). The project
is expected to start construction in the second quarter of 2020 and reach
commercial operation in 2021.

Lavras is part of a 482.6 MWp portfolio whose 80% interest was sold to Nebras Power Investment B.V., a
Dutch affiliate of Nebras Q.P.S.C ("Nebras"). Lavras' transfer of
shares to Nebras closed in August 2019.