Canadian Solar Issues EUR 30M Green Bond to Support Project Development Growth

Canadian Solar Inc. has announced that Canadian Solar EMEA Capital Markets, S.A.U., an indirectly wholly-owned subsidiary of Canadian Solar, on December 2, 2021 has successfully completed a € 30 million green bond issuance due on December 2026 under its € 100 million Canadian Solar EMEA Green Medium Term Note Program in the Spanish multilateral trading facility (MTF) for debt securities (MARF). The notes are guaranteed by the Company and qualify as "green bonds" pursuant to the International Capital Market Association (ICMA) Green Bond Principles and the Green Financing Framework adopted by the Company in Europe, Middle East and Africa, or EMEA region.

The notes were offered and sold only to non-U.S. persons outside the United States in reliance on Regulation S under the U.S. Securities Act of 1933 (the "Securities Act"). The notes have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction in the United States. The notes may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The notes, with a unit face value of € 100,000 each, have a tenor of five years and a coupon of 4.0%. Investors included mainly public credit entities, mutual funds and non-financial corporations. Canadian Solar may raise more funds over the next twelve months to complete the Note Program's total size of € 100 million depending on the timing of its capital requirements and market conditions.

With the green bond proceeds, Canadian Solar aims to support the growth, development and construction of its solar PV and battery storage portfolio in EMEA, currently at 4.6 GW and 2.0 GWh respectively, and contribute to the United Nations' Sustainable Development Goals.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any notes, nor shall there be any offer, solicitation or sale of notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.