Canadian Solar Partners with Global Investment Holdings to Develop and Provide Services for up to 300 MWp Solar Projects in EMEA

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Apr 27, 2018, 07:00 ET

GUELPH, Ontario, April 27, 2018 /PRNewswire/ -- Canadian Solar Inc., (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has signed an agreement with Global Investment Holdings (GIH), to develop and operate a pipeline of solar power projects with total capacity of up to 300 MWp. Canadian Solar will provide Engineering, Procurement and Construction ("EPC") and Operations and Maintenance ("O&M") services to the projects. GIH is a diversified conglomerate in Turkey with investments in ports infrastructure, energy and non-banking financial services.

Atay Arpaciogullari, CEO Global Energy stated, "Global Investment Holdings is active in renewable energy and energy efficiency investments; currently we have a combined capacity of 75.5MW. Our envisaged cooperation with Canadian Solar is a planned step taken towards increasing our clean energy investments up to 300-400MW in the next three years."

"We are delighted to partner with Global Investment Holdings and further expand our presence in EMEA. This partnership underscores our global leading position to develop and operate solar projects across the globe," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "We will continue to leverage our expertise to accelerate the adoption of clean and affordable solar energy all over the world."

About Canadian Solar Inc.

Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit http://www.canadiansolar.com.

About Global Investment Holdings

Global Investment Holdings, listed on Borsa Istanbul (BIST) under the ticker "GLYHO", is a diversified conglomerate with investments in multiple industries: ports infrastructure, energy, CNG distribution, mining, brokerage and asset management. With interests in a range of burgeoning business sectors and traditional non-bank financial service providers, Global Investment Holdings has evolved into a dynamic investment vehicle. Its current portfolio offers high growth with 'first mover' advantages. At end-2017, GIH reported total assets of TL 4.4 billion and shareholders' equity of TL 1.6 billion.

Canadian Solar Safe Harbor/Forward-Looking Statements

Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; cancelation of utility-scale feed-in-tariff contracts in Japan; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 26, 2018. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

SOURCE Canadian Solar Inc.