Canadian Solar Wins the First Energy Storage Project in Colombia of 45 MWh

Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), today announced it has been awarded the first utility-scale battery storage project in Colombia of 45 MW / 45 MWh.

The project was awarded in the public tender launched by Colombia's Ministry of Energy and Mines, via its affiliate UPME, the Mining and Energy Planning Unit. Located in the city of Barranquilla in northern Colombia, this project will consist of a 45 MWh lithium-ion battery energy storage system and is expected to reach commercial operation by June 2023. The project is granted with a 15-year revenue structure with the Colombian government and is indexed to the country's inflation or producer price index.

The Barranquilla project will strengthen the electricity transmission network in the Atlántico Department in northern Colombia and support the government's efforts to prevent future supply deficits. It will also support a greater penetration of renewable energy in the Colombian electricity system by improving the reliability of intermittent sources of energy.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, "We are very proud to have won this project in the first pure storage tender in Colombia. This is also our first energy storage project in the country and the Latin America region. The project award is testament to our global presence not just in solar but also in the energy storage business, and further solidifies Canadian Solar's position as a market leader in clean energy. We will continue to execute on our global energy storage growth strategy and look forward to providing more flexible, reliable and clean energy to our customers across the world."