Canadian Solar's e-STORAGE to Power 200 MWh Energy Storage Project in Southeastern Australia

Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that e-STORAGE, which is part of the Company's majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar"), has been awarded a turnkey EPC contract for 100 MW / 200 MWh energy storage solutions by Fotowatio Renewable Ventures (FRV) Australia for its Terang energy storage project in Victoria, Australia. FRV Australia, part of Jameel Energy and the Canadian infrastructure fund OMERS, is a leading developer of sustainable energy solutions.

e-STORAGE and FRV Australia have entered into an Energy Storage Supply Agreement and a Long-Term Service Agreement. Construction of the project is scheduled to commence in August 2024.

e-STORAGE will deliver SolBank 3.0, its latest proprietary energy storage solution, for the Terang project. SolBank 3.0 provides over 5 MWh of capacity in a 20-ft container. Compared with the previous generation, SolBank 3.0 offers a 45% increase in capacity and a 12% reduction in the project layout space. In addition, SolBank 3.0's efficient cooling system can reduce auxiliary energy consumption by 30%. The system also includes a multi-level fire detector, alarm, and extinguishing system to mitigate thermal risks.

Located in Terang, Victoria, the project will be FRV Australia's first standalone energy storage project and is expected to create many jobs during both the construction and operational phases.

Carlo Frigerio, CEO of FRV Australia, commented: "Building our first large-scale energy storage project is a major milestone for FRV Australia. This project strengthens our place in the renewable energy sector in Australia. It paves the way for future business opportunities and growth in our portfolio".

Colin Parkin, President of e-STORAGE, added: "We really appreciate FRV Australia's trust in e-STORAGE, having chosen us to build this 100 MW / 200 MWh energy storage system in Terang, Australia. Leveraging our advanced SolBank 3.0 technology, this project not only bolsters the grid during peak demand, but also delivers substantial benefits to the local community. We look forward to working with FRV Australia in future".