Press Release

Canadian Solar Announces Pricing of the Initial Public Offering of Canadian Solar Infrastructure Fund, Inc. in Japan

GUELPH, Canada, Oct. 26, 2017 /PRNewswire/ — Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that Canadian Solar Infrastructure Fund, Inc. (“CSIF” (Tokyo Stock Exchange: 9284)) priced its initial public offering of 177,800 investment units at 100,000 Japanese yen per unit, before underwriting discounts. Of the units included in the offering, Canadian Solar will purchase 25,395 units as the designated purchaser.
Canadian Solar

The units of CSIF are expected to list on the Tokyo Stock Exchange on October 30, 2017. CSIF plans to use the net proceeds from the offering and anticipated borrowings of JPY 17.7 billion (approximately $156 million) to consummate the acquisition of its initial portfolio.

Subsidiaries of Canadian Solar in Japan are contributing 13 solar power projects with a total installed capacity of 72.7 MWp to CSIF as its initial portfolio. Net sale proceeds to Canadian Solar from these assets amounted to JPY 30.4 billion (approximately $270 million). Canadian Solar expects to use a part of the net sale proceeds to immediately reduce its overall debt leverage by JPY 18.7 billion (approximately $165 million) and to further strengthen its liquidity.

Canadian Solar Asset Management K.K., a wholly owned subsidiary of the Company, will manage CSIF as its asset manager. Canadian Solar O&M Japan K.K., a wholly owned subsidiary of the Company, will provide operation and maintenance services to CSIF.

This announcement is not an offer of securities for sale in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration.  Any public offering of securities to be made in the US will be made by means of a prospectus.