Canadian Solar Sets a 23.81% Conversion Efficiency World Record for N-type Large Area Multi-Crystalline Silicon Solar Cell

PVTIME - Canadian Solar Inc. ("Canadian
Solar" or the "Company") (NASDAQ: CSIQ), one of the world's
largest solar power companies, today announced its technology team set a world
record of 23.81% conversion efficiency for n-type large area multi-crystalline
silicon solar cell. The record-setting N-type P5 cell conversion efficiency was
recently tested and certified by Germany's Institute für Solarenergieforschung
GmbH (ISFH). This is the third time within a span of nine months that the
company has set multi-crystalline solar cell conversion efficiency world record
(see 22.8% and 22.28% records for p-type
multi-crystalline cells).

Dr. Shawn Qu, Chairman and Chief Executive
Officer of Canadian Solar said, "I am very pleased to announce that we
broke the world record yet again. This is a milestone for our revolutionary
n-type P5 technology development. It proves that both our p-type and n-type
multi-crystalline silicon technology can achieve efficiencies as good as mono.
We remain focused on expanding our technology pipeline to provide our customers
with the most LCOE-competitive products."

Canadian Solar has been developing and is commercially launching its P5
cell technology and solar module products. In September 2019, Canadian Solar
set a world record of 22.8% conversion efficiency for p-type P5 cell. The
23.81% record efficiency multi-crystalline cell was fabricated utilizing
157mmx157mm (area 246.44cm2) n-type P5 silicon wafer and PASCon
(Passivated Contact) technology.

Canadian Solar is a technology leader in the solar industry and one of the
highest ranking global solar manufacturers in terms of patent applications and
patent grants. The Company has over 1500 patents granted, covering China, North
American, European and Asia-Pacific regions. All of the Company's cell capacity
was upgraded to PERC by August 2019. On the module product side, Canadian Solar
has pioneered the GW-scale introduction of half-cut cell modules (Ku-series),
bifacial modules (BiKu), multi-bus bar (MBB), 166mm wafers (HiKu and BiHiKu).