Recurrent Energy Completes Sale of 100 MW/200 MWh Battery Energy Storage Project in South Australia to Epic Energy

Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that Recurrent Energy, a global developer and owner of solar and energy assets, completed the sale of its 100 MW/200 MWh Mannum energy storage project in South Australia to Epic Energy.

Mannum energy storage is the third project that Recurrent Energy has sold to Epic Energy, a South Australian-based energy infrastructure owner and operator. Epic Energy currently owns the 7 MW Mannum Stage One and 39 MW Mannum Stage Two solar projects, which were both developed by Recurrent Energy.

Recurrent Energy began development of Mannum energy storage, located in Mannum, Australia, to complement the Mannum solar projects and provide beneficial grid and market services to the South Australian energy market. Recurrent Energy selected e-STORAGE as the energy storage solutions provider who will deliver its SolBank energy storage solution for the project. The project is expected to start construction in the first half of 2024 and reach commercial operation in 2025.

Clive D'Cruz, Chief Executive Officer of Epic Energy, said, "We are delighted to work with Recurrent Energy again at the Mannum site. The battery energy storage system rounds out Epic Energy's investment at the current site, sitting alongside our two adjacent solar farms. The standalone battery will create much needed energy storage to support the supply of excess renewable energy to the grid during peak periods and to enhance stability."

Ismael Guerrero, CEO of Recurrent Energy, said, "We are delighted to collaborate with Epic Energy once again on the sale of our third project to them. Australia is a rapidly growing market for renewable energy and our latest transaction with Epic Energy supports the country's efforts to decarbonize in a sustainable way. We look forward to continuing to advance our robust pipeline of energy storage and solar projects in Australia."