Canadian Solar Introduces EP Cube Lite, a New Grid-Tied Residential Energy Storage Solution at RE+ in Las Vegas

EP Cube Lite is a more affordably priced version of EP Cube that will significantly improve the financial benefits for American households installing integrated solar and battery storage systems

LAS VEGAS,Sept. 12,2023 -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today launched the EP Cube Lite,a new grid-tied energy storage solution,in the North American market at RE+ in Las Vegas,Nevada,expanding the successful EP Cube residential energy storage line. The lower-cost EP Cube Lite makes energy storage accessible to more homeowners. The system can easily be expanded later to a fully featured EP Cube,providing backup power and additional features such as EV charging using the Smart Gateway.

Canadian Solar will host an exclusive EP Cube Lite launch event at 3:30 p.m. on September 12 on the show floor,Booth 2516,where there will be a short presentation and Q&A,followed by food,drinks,and music. The event will also be live streamed on Canadian Solar's Instagram account.

The new EP Cube Lite is a compact and efficient grid-tied energy storage solution. It allows homeowners to lower their electric bills,by shifting use of lower-cost daytime energy to be used in the evening when rates are typically higher. EP CubeLiteis scalable and customizable from 6.6 kWh to 19.9 kWh capacities and compatible with most existing PV systems,allowing homeowners to right-size their energy storage to their needs.

EP Cube Lite features an integrated hybrid inverter with stackable,easy-to-install storage modules. Each component weighsabout 70 lbs.,which allows one or two team members to complete the installation in about 20 minutes and reduces costs for both installers and homeowners. With a sleek design and aesthetically pleasing features,it matches and integrates beautifully with various home styles.

Dr. Shawn Qu,Chairman and CEO of Canadian Solar,commented"We are excited to launch EP Cube Lite in North America. Thisis an important step in offering our customers new approachesto maximize their energy usage efficiency and minimize their electric bills. EP Cube Lite will encourage more peopletouse clean energy,enhancing their greener lifestyle,and helping create a more sustainable world."

Andy Yin,General Manager of Eternalplanet,an independent energy storage brand under Canadian Solar,commented,"EP Cube Lite gives homeowners a new grid-tied energy storage solution optimized for time-of-use cost saving. The new EP Cube Lite expands the EP Cube product line,giving customers options to manage energy the way they want – for grid stability or time-of-use."

Eternalplanetrecentlyhas beenshortlisted for the 2023 Energy Storage Awards as "Start-up of the Year"and EP Cube Lite's debut witnesses Canadian Solar and Eternalplanet's commitment to a more eco-friendly future. For more information on EP Cube Lite,please visit www.epcube.com.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar technology and renewable energy companies. It is a leading manufacturer of solarphotovoltaic modules,provider of solar energy and battery storage solutions,and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 22 years,Canadian Solar has successfully delivered over 102 GW of premium-quality,solar photovoltaic modules to customers across the world. Likewise,since entering the project development business in 2010,Canadian Solar has developed,built,and connected over 9 GWp of solar power projects and over 3 GWh of battery storage projects across the world. Currently,the Company has approximately 700 MWp of solar power projects in operation,8 GWp of projects under construction or in backlog (late-stage),and an additional 17 GWp of projects in advanced and early-stage pipeline. In addition,the Company has a total battery storage project development pipeline of 52 GWh,including approximately 2 GWh under construction or in backlog,and an additional 50 GWh at advanced and early-stage development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry,having been publicly listed on the NASDAQ since 2006. For additional information about the Company,follow Canadian Solar onLinkedInor visit www.canadiansolar.com.Safe Harbor/Forward-Looking Statements

Certain statements in this press release 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 theU.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,regulatory and economic conditions and the state of the solar and battery storage market and industry; geopolitical tensions and conflicts,including impasses,sanctions and export controls; volatility,uncertainty,delays and disruptions related to the COVID-19 pandemic; supply chain disruptions; 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 asJapan,theU.S.,China,BrazilandEurope; changes in effective tax rates; changes in customer order patterns; changes in product mix; changes in corporate responsibility,especially environmental,social and governance ("ESG") requirements; capacity utilization; level of competition; pricing pressure and declines in or failure to timely adjust average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features that customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange and inflation rate fluctuations; uncertainties related to theCSI Solar carve-out listing; litigation and other risks as described in the Company's filings with the Securities and Exchange Commission,including its annual report on Form 20-F filed on April 18,2023. 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.CANADIAN SOLAR INC.INVESTOR RELATIONS CONTACTSIsabel Zhang

Investor Relations

Canadian Solar Inc.

investor@canadiansolar.comDavid Pasquale

Global IR Partners

+1 914-337-8801

csiq@globalirpartners.com